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    Joehenc's Avatar
    Joehenc Posts: 2, Reputation: 1
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    #1

    May 1, 2012, 01:32 PM
    How do I foreclose on a property I own?
    I own a business and the people I sold to are currently four months behind. I have mailed them a registered letter which they have ignored. How do I start foreclosure proceedings? Do I need any attorney to do so or can I file everything myself?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    May 1, 2012, 01:36 PM
    Commercial real estate is different. You signed a contract to sell your business. Read the terms of that contract, then should be something in there dealing with what happens in case of default.
    Joehenc's Avatar
    Joehenc Posts: 2, Reputation: 1
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    #3

    May 1, 2012, 01:42 PM
    Yes, I have followed what the contract says. Since they ignored our registered letter do we need to have the letter physically taken to them to be signed for? Then if they ignore what is said in the letter and do nothing for 36 days, where do I go to get an eviction notice? Do I need an attorney to file it? We live in Oklahoma.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    May 1, 2012, 01:45 PM
    What does the contract say?

    If the contract does not specify how to notify them of default a registered letter should suffice. You go to your local court for an eviction order.

    You may not need an attorney to file the eviction order. Ask the court clerk.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    May 1, 2012, 05:12 PM
    Foreclosure and eviction are two different things.

    Is this real property which you sold them, in exchange for a mortgage on the property? That would be foreclosure.

    Or, on the other hand, did you contract to sell property to them? That would call for an eviction.

    It is, strictly speaking, possible that you could do this yourself, but as a practical matter, you need to get yourself an attorney. That is unless your business is incorporated, in which case you will be required to hire an attorney.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    May 1, 2012, 05:23 PM
    Also, this seems to be about a business not necessarily property. Which muddies the waters. That's why we need to know what the contract says about default.
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