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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6855
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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We the sellers live in FL. The property we sold on land

Customer Question

We the sellers live in FL. The property we sold on land contract is in WI. Buyer stopped making payments . We sent a "default letter" the end of July. Just followed it up with a Forfeiture Notice via registered mail. Buyer states he is willing to walk away and relinquish property back to us. What paperwork or documents do we need to file in court?
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 month ago.

Good afternoon, and thanks for using Just Answer. What you want to do is have the buyers sign a Quitclaim deed conveying their interest in the real estate to you. If there is any possibility that the buyers may have significant equity built up in the property, then a side agreement whereby they represent they understand what they are giving up by deeding the home back to you and that they are voluntarily and with full knowledge, relinquishing any such claims to an equity in the property. Depending on how much money is involved in this situation, you might want to have a local attorney review it, because the case law on this subject varies from state to state.

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Customer: replied 1 month ago.
We are well aware that this could be accomplished with a quit claim deed. We thought an actual attorney from WI would be answering our question as to the best procedure to follow according to WI laws. I had called the county court house, where the property is located and they suggested we contact a WI real estate attorney to guide us through the process.
Sorry but your answer was of no help at all. And I certainly hope we will not be charged for this simplistic answer.

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