Legal Question in Credit and Debt Law in Kansas
Seller wants to redem property without foreclosure, buyer agrees
I sold a small business including the building on contract for $50,000.00 5 years ago. The buyer paid 25,000.00 down and has been in defalt many months. Also unpaid property taxes, of course I'm still the fall girl on that. I still owe $15,000.00 to my bank. I made an offer for them to pay me only what I owe. They tried and couldn't come up with it. They've agreed to give it back to me. We both don't want a big court adventure. Were can I find a simple form to let them off the hook and get my bowling alley back ? Any help would be much appreciated. Thank You, S.T.
1 Answer from Attorneys
Re: Seller wants to redem property without foreclosure, buyer agrees
The document you refer to is commonly called a Deed in Lieu. However, it is not a simple form that can be downloaded, or copied from some form book. It is easy to "get the debtor off the hook," what is hard is getting title back in such a way that you could resell the bowling alley again someday. IF you copy someone elses form, you may not be able to get title insurance in the future. Until the the, now released, debtors execute a correct form, you can not be confidant that you have marketable title.
Your deed does not have to be in lieu, which menas that the debtor is deeding the property back to you in exchange you your promise to not foreclaose agaisnt them o rcome after them for the money. It can be set up to act as a promise not to sue them now, but stil give you the freedom to go after them later if they come into some money.
Get a professional to draft a custom Deed for you now, or pay much more later.
Good Luck
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