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Contract Giving Grantor in Deed to Avoid Foreclosure the right to repurchase

What is the Contract Giving Grantor in Deed to Avoid Foreclosure the right to repurchase

The Contract Giving Grantor in Deed to Avoid Foreclosure the right to repurchase is the contract in which there are two parties. The first party agrees to sell to the second party and the second party agrees to buy the land based on the terms and conditions of the contract. In this the second party agrees to pay a total sum which is agreed upon by both the parties. The sum is secured by the use of a real estate mortgage which is taken on the land and the bank details which have the first mortgage are mentioned. It also states that the indebtedness which was to be made to the seller is past the due date and the purchaser has given the deed to the seller in exchange for the payment. In this deed, the real estate which was of the purchaser is now transferred to the seller and by this a foreclosure is done by the seller. In exchange, the seller through the Contract Giving Grantor in Deed to Avoid Foreclosure the right to repurchase allows the purchaser to repurchase the land within a specified period which has been agreed upon by both parties. This period starts from the signing of the contract.

It also states that the seller will retransfer the deed to the purchaser and in addition to the amount, the purchaser will also pay an interest to the seller and this is to be paid in addition to all the taxes of the property which the seller has paid as well as the interest or the principal that the seller has paid to the bank due to the purchaser’s indebtedness.

 

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