USA lenders, serve a debtor with this Notice of Intention to Sell Property before the sale, in accordance with applicable laws in your State.
- The property was pledged as collateral security for a loan from the lender to the debtor.
- The lender (secured party) prepares and serves the Notice to advise the debtor that the property will be sold either through private sale or at public auction, to cover all or part of the outstanding debt, following default by the debtor in making payment.
- The form includes a Certificate of Service, to record how the Notice was served on the debtor.
This USA Notice of Intention to Sell Property form is available as a MS Word template document which is downloadable and easy to use.
NOTICE OF INTENTION TO SELL PROPERTY (USA) DATE: _______________ TO: [Name and address of debtor] RE: [identification of the transaction] This notice is to inform you that, because of your breach of the contract between us dated the __________ day of ____________________, ___________, we have taken possession of the following property: [insert the property that is being held], We will be selling the above property at [public/private] sale on the ___________ day of _________________, __________.A sale could include a lease or license. The money we receive from the sale (after paying our costs) will reduce the amount that you currently owe under the contract. If we do not receive sufficient money from the sale to pay the amount that you owe, you will still owe us the difference. If we receive more money than you owe, the extra funds will be paid to you, unless they must first be paid to another party. Prior to the sale, you can retrieve your property by paying us the full amount you currently owe (not just the past due amounts), including our expenses related to the foregoing. To find out the exact amount you owe, or for further information about the proposed sale, please contact us at _____________________________ [insert phone number]. If you would like a written explanation about how we calculated the amount that you owe us, then upon request we will provide you with a written explanation. We are also sending this notice to the following parties who have an interest in the property or who owe money under the contract: [insert t
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