Florida Vacant Land Contract for Deed or Land Contract Help

[Jarred F.]

I'm seeking some advice from the BiggerPockets community. I've been wholesaling some land in Florida for a couple years and have sold a couple of lots under a land contract (or contract for deed). But Florida is a judiciary state that requires a recorded Land Contract and a separate recorded Mortgage. Then if the buyer stops making payments and defaults on their loan (which I've seen happen in about 20% of the deals) it requires a costly and drawn out foreclosure. Sometimes the land and note can't even justify this expense as we sell many lots that are valued around $4,000 - $8,000. 

I was wondering if any of you had some ideas on how to better structure these transactions in Florida? Today I spoke to a known national note buyer and he said you can pay a local title company a fee to hold the original mortgage and contract. Then as a seller the title company will hold an executed warranty deed I sign to transfer the property I am selling. They will also get a signed quitclaims deed from the buyer and hold it too. So the  title company is holding both a warranty deed (from me) and a quitclaim deed (from the buyer). If there is a default where the buyer stops making payments they will file the quitclaims deed--thus circumnavigating the foreclosure process. However, hopefully the buyer will fulfill the note and then the title company will record their warranty deed. 

Does anyone have any thoughts on this? First, is this even legal? I'm just looking for a more cost effective and legal way to avoid the foreclosure process on these smaller lot loans in Florida. Thanks!!