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Get Contract For The Sale Of Residential Property (Assuming Existing Loan And Giving Seller Purchase 2020-2024
Contract for the Sale of Residential Property (Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust) Agreement made on the (date), between (Name of Owner), of (street.
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FAQ
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For example, if you are purchasing a home for $200,000 and the seller has a $100,000 assumable mortgage, you will still have to obtain a mortgage for the balance or pay the difference in cash. Assumption clauses generally include a fee to transfer the mortgage from one borrower to another.
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In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
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To assume a loan, the buyer must qualify with the lender. If the price of the house exceeds the remaining mortgage, the buyer must remit a down payment that is the difference between the sale price and the mortgage. If the difference is substantial, the buyer may need to secure a second mortgage.
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An assumption clause is a provision in a mortgage contract that allows the seller of a home to pass responsibility for the existing mortgage to the buyer of the property. In other words, the new homeowner assumes the existing mortgage and—along with it—ownership of the property that secures the loan.
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Key takeaways. Assuming a mortgage means the current borrower signs the balance of their loan over to you, and you become responsible for the remaining payments.
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Updated March 7, 2022. In real estate transactions, an assumption agreement allows a third party to “assume” or take over the loan of the property's seller. Mortgages may be assumed when the house is sold, a divorcing spouse is awarded the property in a settlement or when someone inherits property.
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Key takeaways. Assuming a mortgage means the current borrower signs the balance of their loan over to you, and you become responsible for the remaining payments. Most conventional mortgages are not assumable, but many government-backed loans (FHA, VA, USDA) are.
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When a buyer buys property and assumes a mortgage, the buyer becomes primarily liable for the debt and the seller becomes secondarily liable for the debt. "Assume" means the buyer takes on liability, and the seller is no longer primarily liable. "Subject to" means the seller is not released from responsibility.
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