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    chaijxiong's Avatar
    chaijxiong Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 24, 2009, 07:40 AM
    Real Estate Contract For Deed Cancellation
    Dear members,

    I have a house that is currently on a Contract For Deed to a buyer. Due to economic crisis, I am filing bankruptcy. The buyer is willing to cancell our Contract for Deed so no problem on that issue.

    Is there such a thing as Contract For Deed Cancellation form? Or What kind of form should I use so the Contract for Deed can be legally and properly cancelled?

    Thank you so much for your suggestions/advice.

    Chai
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jan 24, 2009, 09:05 AM
    Hello c:

    Nahhh, there's no form for that... I'd go to a lawyer. He'll probably charge no more than $100 to prepare a document.

    However, in my view, a letter will suffice. Make two originals. In your letter, describe the property by it's LEGAL description. Describe the contract by date, what it was for, who it was between, who signed it and what their address is or was. Make copy's of your agreement and ATTACH a copy to your letters. Make the attachment a part of the letter, by stating that the original agreement IS attached and is PART of your letter.

    Next, write that THIS LETTER serves to CANCEL the attached agreement by the signatures below.

    Make provisions for BOTH signatures, address and date. Have the signatures NOTARIZED. Make a copy of the letter with BOTH signatures and file it with your county clerk.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jan 24, 2009, 11:30 AM

    I'm a little confused as to what you are cancelling. Does the buyer want out of the contract? If not, why would you cancel it?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Jan 24, 2009, 11:45 AM

    Of course the buyer can hold you liable for the contract,

    But if they will agree, or if you have agreed to buy out their interest in the property you can both write up an agreement to disolve the contract and both sign it.

    Of course they could file a copy of the contract with the recorder of deed and show a secured interest in the property.
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