Form for returning owner financed property

[Boogika]

My business partner and I purchased property via owner financing in Colorado. We can no longer care for the properties. What form do we download to give the property back.

[AFFA]

I wish to inform you that the terms of the termination clause in your owner financing agreement will guide the further actions in this matter. As a very first step, you may issue a written notice to the previous owner who has owner financed the sale of this property that you want to terminate the agreement. On reaching agreement with the previous owner, you may hand charge of the premises to the other party.

AFF

[Friend In Court]

First, I would contact the owner and advise you would like to cancel the contract and forfeit what you have paid. An option the owner has is to foreclose on you and probably just getting the property back would be in his best interest. There are no 'cancellation clauses' in any real estate contract I have ever seen -- only provisions in case of default.

If the owner is amenable, then you two can execute an agreement for you to execute and the owner accept a quit claim deed, without recourse. That means the owner can not go after you in the future for anything connected with this property transaction.

I would seek counsel of a real estate lawyer to review your contract, contact the owner and execute the documents properly.