Attorney-Approved Deed in Lieu of Foreclosure Template for Florida

Florida Deed in Lieu of Foreclosure Agreement

This Deed in Lieu of Foreclosure Agreement ("Agreement") is made and entered into on the ____ day of ____________, 20__, by and between ______________________ ("Borrower") and ______________________ ("Lender").

WHEREAS, Borrower is indebted to Lender in the principal amount of ______________________ dollars ($__________), pursuant to that certain mortgage dated ____ day of ____________, 20__, recorded in the public records of ______________________ County, Florida, in Official Records Book __________ at Page __________, encumbering the property described as ______________________ (the "Property"); and

WHEREAS, Borrower has encountered financial difficulty and is unable to continue to make the regular mortgage payments; and

WHEREAS, both Borrower and Lender wish to avoid the time, expense, and uncertainty of foreclosure proceedings; and

WHEREAS, Lender is willing to accept a deed in lieu of foreclosure ("Deed in Lieu") to the Property subject to certain terms and conditions herein provided;

NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Transfer of Property. Borrower hereby transfers and conveys to Lender the Property by Deed in Lieu, free and clear of all liens, claims, encumbrances, and rights of others, except for (a) real estate taxes not yet due and payable, and (b) covenants, conditions, restrictions, and easements of record.
2. Acceptance by Lender. Lender hereby accepts the transfer and conveyance of the Property, subject to the exceptions stated above, and agrees to cancel the aforementioned mortgage indebtedness as full satisfaction of the debt.
3. Representation and Warranties of Borrower. Borrower represents and warrants to Lender that Borrower has the full right, power, and authority to transfer the Property as provided in this Agreement and that the Property is free of all other encumbrances except as specifically set forth in this Agreement.
4. Further Assurances. The parties agree to execute any additional documents reasonably required to complete the transfer of the Property and to effectuate the purposes of this Agreement.
5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

Borrower's Signature: ____________________________________

Borrower's Printed Name: _________________________________

Lender's Signature: ______________________________________

Lender's Printed Name: ___________________________________