I don't know if Colorado still allows this method or not. If they do, there was a standard realestate form to write up the transaction.
The Basics:
The buyer has 30 days of default grace. Upon the 31st day of default, a neutral third party is instructed to file the quiet claim deed that the buyer signed at the original closing date, property is then automatically transferred back to the seller, seller then files for a 3-day eviction, seller gets sheriff to enforce the eviction judgment.
The neutral 3rd party was $100 cost plus county recorder fees, in the 70's that is. Esscrow companys were the usual 3rd party holders.
The 3rd party collects all monies from the buyer then re-distributes the monies as the contract calls for.
Great way too sell but a terrible way too buy as the buyer agreed at the time of sale closing to give up so many of there rights.
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