This is a notice by buyer of intent to vacate property and to surrender back to the seller. Upon ordering, you may download the form in Word, Rich Text or Wordperfect formats.
Indiana Buyer's Notice of Intent to Vacate and Surrender Property to Seller under Contract for Deed
State:
Indiana
Control #:
IN-00470-14
Format:
Word;
Rich Text
Instant download
Description
How to fill out Indiana Buyer's Notice Of Intent To Vacate And Surrender Property To Seller Under Contract For Deed?
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FAQ
A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum.The legal fees and time frame for this process will be more extensive than a standard Power of Sale foreclosure.
While a buyer can legally back out of a home contract, there can be consequences for doing so. For example, you can lose your earnest money, which could amount to thousands of dollars or more. That is unless your reason for pulling out of the deal is stipulated in your contract.
Failure to record a deed effectively makes it impossible for the public to know about the transfer of a property. That means the legal owner of the property appears to be someone other than the buyer, a situation that can generate serious ramifications.
This means that if you default and can?t make your payments, you lose the property and all of the money you have already paid into it (often including repairs and improvements). Unlike a traditional mortgage, a defaulting buyer in a contact for deed may only have 30-60 days to cure the default or move out.
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
The buyer should record the contract for deed with the county recorder where the land is located and does so normally within four months after the contract is signed, though the time may vary depending on state law.
If you want out of a real estate contract and don't have any contingencies available, you can breach the contract.The seller could also decide to sue you for breach of contract. Some real estate contracts have a liquidated damages clause that states the maximum the seller can keep if the buyers breach the contract.
In the first instance, if your deed is not recorded, there is nothing in the public record to stop the seller from conveying the property to another person.The second situation could happen if your seller fails to pay his or her debts and the seller's creditors file liens or judgments against your property.
Contact the other party and ask whether they are willing to negotiate the cancellation of the contract. Offer the other party an incentive to cancel the contract for deed.
