This form notifies purchaser, after all prior notices of breach have expired, that Seller has elected to cancel the contract for deed in accordance with its terms. In addition, all past payments made by Purchaser are now considered forfeited and any future occupancy of property will result in action by the court.
Indianapolis Indiana Final Notice of Forfeiture and Request to Vacate Property under Contract for Deed
State:
Indiana
City:
Indianapolis
Control #:
IN-00470-12
Format:
Word;
Rich Text
Instant download
Description
How to fill out Indiana Final Notice Of Forfeiture And Request To Vacate Property Under Contract For Deed?
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FAQ
A land contract is a fairly simple concept. Basically, the seller finances the purchase instead of going through a mortgage lender. Instead of taking out a mortgage, the buyer agrees to make regular payments directly to the seller, who still retains ownership of the property.
As the buyer of a property, you are the one responsible for recording the deed. Deeds for real estate need to be filed directly with the municipality or county where the property is located. The documents must be signed, witnessed, and notarized in order to be registered.
In Indiana, a seller ordinarily must foreclose on a land contract buyer, who has defaulted under the land contract. Generally, the seller cannot evict the buyer, or seek forfeiture.
A land contract in Indiana works as follows: The contract is drafted after successful negotiations. Both parties sign the pact. The buyer pays the initial down payment, subsequent monthly installments, and final balloon payment. The seller transfers the ownership title once the buyer pays off the entire debt.
An unrecorded quitclaim deed executed and delivered during owner's lifetime terminated a beneficiary's interest under a ?transfer on death? deed that had been executed previously. An Indiana deed generally will effect a transfer regardless of whether it is recorded.
Land contracts in Indiana are legally binding and the buyer must exercise due diligence to ensure that all conditions are met. Unlike a hire purchase, a contract on the deed allows you to buy the property in several times. After a first deposit, you pay monthly payments for the duration of the contract.
The deed must be signed by the grantors (signatures must be notarized). Record the original deed. The deed should be recorded in the real property records of the county recorder's office in the county where the property is located.
Can a seller back out of a real estate contract? The short answer is yes. However, it's largely uncommon. Most sellers are highly motivated and want the contract to move forward.
(b) The contract must be signed by both parties either as one document or as identical documents each signed by one party which are then exchanged. Letters offering to sell land and a confirmatory response will generally not be enough.
If a buyer defaults, the seller cannot simply take possession of the property, with the buyer losing all the payments already made. Instead, the seller must foreclose, sell the property, and pay to the buyer any proceeds from the sale in excess of the unpaid balance of the purchase price.
