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Form #1311Deeding property to trustee for creditor to avoid foreclosure.
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Deeding property to trustee for creditor to avoid foreclosure.
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Deeding property to
trustee for creditor to avoid foreclosure.
Undersigned are creditors of _________ and _________,
his wife [her husband], of _________, each having furnished labor and material,
either or both, which was used on the improvements now located on _________,
title to the real property now being in _________ and _________.
Creditors have filed liens and the time in which to
commence foreclosure of the liens is about to expire.
_________ and _________ claim an equity in and to the
real property of at least $_____.
Creditors desire to obtain title to the real property
and thus save the cost of foreclosure and the delay of the period of redemption
after foreclosure.
In consideration of the payment to _________ and
_________ of $_____, receipt of which is acknowledged, and the allowance of the
claim of _________ and _________ of $_____ as more fully provided below,
_________ and _________ agree to sign and deliver a quitclaim deed conveying
all their right, title and interest in and to the real estate and the
improvements to _________ as grantee in deed, which _________ shall act as
trustee for the benefit of creditors.
It is agreed by all the parties that the claim of
$_____ of _________ and _________ on which $_____ or _____% of the sum has this
day been paid, shall be of equal rank with all other creditors and shall be
paid in the same proportion as all other creditors after, however, all other
creditors shall have been paid _____% of their respective claims.
All parties agree that the person, persons, firms, or
corporations advancing the $_____ which has been paid today to _________ and
_________, shall be paid first the amount of the advances from any funds
derived or realized from the sale or any disposition of the real property; that
when each creditor, excepting _________ and _________, shall be paid up to
_____% of their claims and any costs of the trustee, which shall include a
reasonable fee to the trustee, shall be paid, then all sums over and above that
shall be prorated equally among all creditors.
All parties agree that a committee to consist of _________[names
of committee members] is appointed by creditors and the committee is
granted full and complete charge of the real property together with the right
to sell and dispose of the real property in a manner as shall in its judgment
be wise. Further, in the event the committee shall be unable to agree on a
proper sale or a proper disposition of the property, any agreement which shall
be reached by any three members shall be binding and conclusive on the
committee and _________ is authorized and directed to deed the real property to
the person, persons, firm, or corporation designated in writing by the
committee or any three members of the committee.
[Date
and signatures]
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Please note that the donator may have included different usage terms regarding this
form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
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Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
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site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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Keywords: Deeding,property,trustee,creditor,avoid,foreclosure.
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