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Assignment of Mortgage Clause (Commercial Real Estate) (Pro-Seller) (NY) A Standard Clause for use in a purchase and sale agreement for commercial real estate in New York. This seller favorable clause specifies the conditions for the assignment of the seller's existing mortgage to the purchaser's lender.

At closing, borrowers sign a document granting the original lender the right to assign the mortgage elsewhere. This means the original lender doesn't have to ask for permission to assign the mortgage but can do so whenever it wants to.

An "assignment" is the document that is the legal record of this transfer from one mortgagee to another. In a typical transaction, when the mortgagee sells the debt to another bank, an assignment is recorded, and the promissory note is endorsed (signed over) to the new bank.

Assignment by Participant Lender In the assignment and assumption agreement, the assigning lender sells and assigns to the assignee lender, and the assignee lender purchases and assumes all of the assignor lender's rights and obligations under the loan documents.

A transfer of mortgage is the reassignment of an existing mortgage from the current holder to another person or entity. Not all mortgages can be transferred to another person. If a mortgage can be transferred, the lender has the right to approve the person assuming the loan.

The seller also prepares an assignment of mortgage to the new entity and, usually, records the assignment in the county records. An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.

In an eClosing, most or all of the steps in the closing process take place online, that is, documents are prepared, viewed, signed, stored and transmitted electronically. Generally, both paper closings and eClosings have the same parties, legal documentation and need for valid enforceable mortgage loan documents.

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One common concern is whether electronically signed letters hold the same legal weight as their pen-and-paper counterparts. The answer is yes. In many jurisdictions, electronic signatures are recognized as legally binding and are considered equivalent to handwritten signatures.