ESTOPPEL AFFIDAVIT DEED IN LIEU OF FORECLOSURE
(Land Contract)
[Name[s]] (Vendee), of [address], furnishes this estoppel affidavit to [name[s]] (Vendor), of [address].
A land contract was executed on [date] (Land Contract), in which Vendor agreed to sell to Vendee the premises located at [address], more particularly described as follows:
The premises (Premises) in the [township / village / city] of [name], [county], Michigan, described as
[legal description]
Tax Identification Number: [number]
Vendor has requested the information and representations made in this affidavit with regard to the Land Contract because Vendee wishes to avoid foreclosure or forfeiture proceedings with respect to the Land Contract.
In consideration of Vendor’s waiver of a potential deficiency judgment, Vendee will execute an unconditional deed in lieu of foreclosure (not intended to be a mortgage or security instrument), dated this same date, and now makes the following warranties and representations:
1. The Land Contract is presently in default for nonpayment of monthly payments [and other defaults].
2. The Premises have a fair market value less than the balance owed on the Land Contract.
3. There are no other liens or mortgages on the Premises.
4. There are no unrecorded documents encumbering the Premises.
5. There are no unpaid current real estate taxes, personal property taxes, or assessments or delinquent real estate taxes, personal property taxes, or assessments due.
6. Vendee has not assigned any interest in the Land Contract.
7. Vendee will not, in the future, encumber or assign any interest in the Land Contract.
8. Vendee waives any redemption rights in the Land Contract or the Premises.
9. No improvements have been made or materials, machinery, or fuel delivered to or labor performed on the Premises within the 90 days immediately preceding the date of this affidavit that might form the basis of a mechanic’s or construction lien against the Premises, nor has Vendee received a copy of an affidavit of mechanic’s or construction lien that may be filed against the Premises.
10. Vendee has not entered into a lease or any other agreement that would give any other party a possessory interest in the Premises.
11. Vendee is solvent and is not now under any legal disability that would impede or void any of Vendee’s contractual obligations, nor is Vendee a debtor in any proceeding under the bankruptcy laws of the United States.The deed in lieu of foreclosure was not given as preference against any other creditors.
12. Vendee [is represented by legal counsel and] gives Vendor a deed in lieu of foreclosure freely and not under duress.
13. All personal property will be removed from the Premises without damage or waste to the Premises, and possession will be surrendered in good order and condition on this date. Any personal property on the Premises following this date is abandoned.
14. Vendee acknowledges that giving a deed in lieu of foreclosure may have adverse tax consequences.
All pronouns and relative words used in this affidavit are written in the singular. If, however, more than one person or a business entity joins in the execution, such words shall be read as if written in plural or neuter, respectively. The covenants in this affidavit shall bind the heirs, devisees, legatees, successors, and assigns of Vendee.
Dated: ______/ /s/______[Typed name]
Dated: ______/ /s/______
[Typed name]
STATE OF MICHIGAN
______COUNTY / )
)
Signed and sworn to before me in [county] County, Michigan, on [date].
/s/______[Notary public’s name, as it appears on application for commission]
Notary public, State of Michigan, County of [county].
My commission expires [date].
[If acting in county other than county of commission: Acting in the County of [county].]
Drafted by:
[Name and address]