I have a couple that because of the husbands bad health want to give me the house back I sold this house to them one year ago. They are current on all payments including taxes and insurance.
My question is:
Do you have an attorney fill out the paper work or is there a form the buyers can just sign giving the house back. Of course I will have a title search done to make sure there aren’t any liens.
I’ve had an attorney do this in the past and it took FOREVER. I was hoping there was a safe/legal way I could do it myself
Seems that all you need are two documents; a warranty deed transferring title back and a satisfaction of lien releasing them from the note. Good idea to research the title and ensure you are not getting a ticking time bomb back.
I have a form that I use for this. It is called a Deed in Lieu of Foreclosure. The note is forgiven but the lien isn’t released. In my understanding this allows you to foreclose on the property if some other unknown lien comes up.
It’s not really necessary if you know that they haven’t encumbered the property in some way.
P. S. I am not a lawyer, this is not legal advice blah blah blah
Thanks all,
For helping. I do have old paperwork on another deed in lieu that I took back 3 years ago and I could copy but…
I was wondering if doing this would be wise or foolish. I’ve used an attorney in the past because I didn’t want any surprises.
Sometimes though I do everything the LONG way and pay and pay then find out, I could have done it myself (safely) and without a lot of hassle.
I would at least have the attorney look over the document again to make sure that it is okay. I would also recommend that you have a witness present at the signing that can attest to everyone’s capacity to sign the document.