Q: Is there a document a buyer can sign to forfeit a contract for deed, if they are not paying their payments?
The house was sold under contract for deed in 2011, the buyers never made any payments and disappeared after 4 months leaving the county and leaving the home with many repairs. We have been renting the home and have had no luck locating the buyers who disappeared. We want to sell this house but, need to do away with the previously recorded contract for deed. If we can locate the buyers is there a document they can sign to avoid a formal foreclosure and court?
A: If you can locate the buyers, the parties can sign a document that will terminate the contract and any rights the buyers might have to the property. There is not enough detail in your question to determine the current status of the contract. Likely the contract is in breach and you could sue to terminate/rescind the contract depending on the terms of the contract and the facts. I would certainly consult with an attorney on this type of transaction since you will need to pass clean title to a new buyer.
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