Kansas Seller's Disclosure of Forfeiture Rights for Contract for Deed
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How to fill out Kansas Seller's Disclosure Of Forfeiture Rights For Contract For Deed?
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FAQ
Using that definition, 39 states and Washington D.C. allow public disclosure while the following 11 states are currently non-disclosure states: Alaska, Idaho, Kansas, Louisiana Mississippi, Montana, New Mexico, North Dakota, Texas, Utah and Wyoming (International Association of Assessing Officers, 2011; Berrens & Mckee
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.
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.
Unlike some states, Kansas law does not require a standardized seller property disclosure form, although real estate agents often use a form designed to encompass standard disclosures. A potential buyer should always carefully review each item in any disclosure statement provided by a seller.
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.
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.
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.
If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer. The other party may also seek to compel the erring party to complete the deal under specific performance. From a buyer's point of view, it is advisable to get the sale agreement registered.
