can i use a quit claim deed to return a owner financed home that i am buying??
*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*Hello,My name is XXXXX XXXXX X am an attorney here to provide you with legal information. If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button. When we are done, please take a moment to click the rating tab to rate my work. My goal is EXCELLENT and I hope your rating reflects that.A quitclaim deed may be used to transfer any interest that you may have in the owner financed home back to the former owner. I think this is what you wanted to know. Please let me know if I have answered your question or whether you would like further information
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can i get in any trouble for returnung the house to him after we already signed a contract i have a 2 yr balloon, and am having trouble financing the house because it appraised for $20k less then the sell price and he wont lower the price so what are my options
Hello,I see your previous expert was called away so I will attempt to help. If there is a written agreement for the purchase of a home, then it would be considered a binding contract and could be enforced by either party in the event of a breach..So if the buyer breaches and doesn't pay, then the contract would control what could happen. If the contract has a "forfeiture clause", which is common in land contract or seller financed deals, the seller has the right to notify buyer that the contract is in default and they are exercising the forfeiture option to declare the contract void. Typically these clauses say that all payments made to date would be considered forfeit and the seller would then have the right to recover possession of the property..The buyer could return the property to seller via quitclaim deed if the seller agreed to this and then cancel any outstanding obligation to pay the debt..But the forfeiture clause is an option of the seller. So if he doesn't want to exercise it, he could decide to file suit for breach of contract, foreclose on the property, have a sale, and then pursue the buyer for any difference in the sales price and the purchase price..However, this is a fairly expensive and time consuming way to reclaim a property and the seller may just agree to retain the payments made to date and accept a quitclaim deed back rather than pursue this in court. Especially if they don't think they can get their money from the buyer as the buyer can always file bankruptcy to extinguish the debt..
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