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Contract for Deed
Do I need to file legal forms after taking back my property?

Do I need to file legal forms after taking back my property?

Q: What happens if the buyer defaults on a contract for deed?

If the buyer defaults on a contract for deed, the seller can send default and forfeiture notices as required by the contract. If the buyer does not remedy the default, the seller may take back the property, often by filing a notice of cancellation with the county recorder's office if the contract was recorded.

Q: Do I need to notify the buyer if I take back the property?

Yes, it is generally advisable to notify the buyer in writing if you are taking back the property due to default. This ensures that the buyer is aware of the situation and can take appropriate action if they wish to contest the default or seek a resolution.

Q: Can I sell the property again after taking it back?

Yes, after taking back the property, you can sell it again. However, ensure that you have properly canceled the previous contract for deed and that all legal requirements are met. It may also be wise to disclose the property's history to potential buyers.

Full question:

Last Year I sold a parcel I owned in Elko County to another party using a Contract For Deed. The buyers have defaulted and I have sent 2 Default Notices and 2 Forfeiture Notices to them by registered mail. I am now taking the property back, but wanted to know if I need to file any legal forms with the County Recorder. I already called and had the Treasurer's Office change the tax billing address back to my own.

Category: Contract for Deed
Date: 04/07/2025
State: Nevada

Answer:

You may need to file a notice of cancellation of the contract. This depends on whether the contract for deed was recorded with the county recorder's office. Usually, the deed is not transferred until the buyer makes the final payment, so you typically wouldn't need to record a new deed if the buyer has defaulted and doesn't have the deed in their name. However, if the contract for deed was filed, you should file a notice of cancellation as well. If you're unsure about what has been recorded, it's best to contact the land recorder's office for information on any filings related to the property.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is a contract for deed?

A contract for deed is a legal agreement where the seller finances the purchase of property for the buyer. The buyer makes payments directly to the seller, and the seller retains the title until the buyer pays the full purchase price. This arrangement allows the buyer to occupy the property while making payments, but the seller has the right to reclaim the property if the buyer defaults.

What happens if the buyer defaults on a contract for deed?

Do I need to notify the buyer if I take back the property?

How do I file a notice of cancellation?

To file a notice of cancellation, you typically need to prepare a written document stating your intent to cancel the contract for deed due to the buyer's default. This document should include relevant details such as the property description and the buyer's information. Once prepared, you can file it with the county recorder's office. It may be beneficial to consult with an attorney to ensure proper filing.