the Fatwa Department Research Committee - chaired by Sheikh `Abd al-Wahhâb al-Turayrî
The pronoucments of khul` recognized by the four schools of thoughts are very close to each other. They center around the following general sayings:
1. Statements in which the word khul` itself is mentioned,
2. The term for divorce (talâq) can be used in the proper context. See below.
3. Statements in which the term mubârâ’ah is used. This basically means “the waiving of (marital) claims”.
4. The term separation (mufâraqah).
5. The terms of buying and seling (al-bay` and al-shirâ’).
6. The term sulh that basically means “settlement”.
7. The term fidyah which is in other words “compensation” or “reimbursement”.
8. The terms for and leaving someone (mughâdâh).
If a man says something to the effect of: “I grant khul` to you for such and such an amount” or “Divorce yourself for such and such an amount” or “I will sell you your divorce for such and such an amount” and then the woman says: “I accept” or something to that effect, then the khul` will be valid and there is no need to get a judicial decree for it.
And Allah knows best.
Source: Islam Today