Taking Back A Property On An Agreement For Deed
Hello,
I am taking back a property from an agreement for deed-the buyer called and said he wants out due to financial trouble. What do I need to do to release the paperwork I filed at the courthouse and to make sure the title is free and clear in my name? What legal document will undue the agreement for deed? Also, there is an unpaid assessment of $1200 due on the property April 1st. He wants to effect this by March 31. Is he legally responsible for the assessment still, or should I let him go on that one? Any other considerations?
Thanks for your help.
Jared B
Best advise is to consult with a local real estate attorney and get the release done correctly the first time, with no questions about it being right or not.
As far as the $1200 in taxes, whether he is responsible or not really depends on the agreement that you two signed. Even if he is, you likely will not get any $$$ from him if he is wanting out due to financial problems. Even if you sue and win, you just get a judgement. Not really worth the time, in my opinion. Best bet, if the property is left clean and sound, no damages, pay the $1200, clear up the title, and sell it again.
In the future, I wouldn't actually record the land contract unless the buyer specificly asks that you do. That way, if you need to take back, there is nothing to clear up.
Roger
thanks for the reply ! that was good advice. i contacted my attorney and they said i need to have him file a quit claim deed and release of mortgage.
i appreciate the advice. thanks again.
jared