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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53698
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I sold a piece of bare land in Nevada to a man in Alaska using a Contract For Deed. He ha

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I sold a piece of bare land in Nevada to a man in Alaska using a Contract For Deed. He had planned to sell his property and move to Nevada. After a small down payment and 3 monthly payments, he has decided he does not want to sell his property in Alaska and now he doesn't want to continue buying the property in Nevada. He also does not want to go through the normal foreclosure process. He would like me to take the property back (or any interest he has in it)and is willing to give up what he's paid so far and sign whatever is needed to do that. Would a Quitclaim Deed be sufficient for this?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Typically, if you are using a Contract for Deed, title never transferred to your buyer; rather, the seller only signs a deed transferring title after the buyer has performed. If this is the case, there is no need to foreclose because the title is in your name. As a result, you only need to terminate the Contract for Deed and the buyer can sign a quit claim deed which acknowledges that whatever interest he might have owned under the Contract for Deed is being transferred back to you.

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Customer: replied 3 years ago.

Hi - thank you for your quick answer. I did realize he didn't have title to the property. I guess I should have written that he didn't want to go through the "default" process. I just wanted to make sure that a Quitclaim Deed would be sufficient. When you say "terminate the Contract For Deed", is that a separate legal form, or does the Quitclaim Deed take care of terminating the contract? The original Contract For Deed was recorded in the County Recorder's Office.

Thanks for following up. The quit claim deed will be sufficient, but since the Contract for Deed was recorded, you will want to specifically reference in your quit claim deed that the Contract for Deed has been terminated and is of no further force and effect.
Customer: replied 3 years ago.

Great - thank you so much!

You're very's my pleasure to help! Have a great day!
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