This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
District of Columbia Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust
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US-01536BG
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How to fill out Contract For The Sale Of Residential Property Assuming Existing Loan And Giving Seller Purchase Money Mortgage Or Deed Of Trust?
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FAQ
D.C. Official Code § 42-1102(5) exempts from the recordation tax: A purchase money mortgage or purchase money deed of trust that is recorded simultaneously with the deed conveying the real property for which the purchase money mortgage or purchase money deed of trust was obtained.
Deeds of trust are used almost exclusively. A mortgage would be enforceable but would necessitate court action to enforce. There are no restrictions in the District of Columbia as to who may act as a trustee. Trustees do not need to be DC residents and can be an entity or a person.
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.
A Loan Assumption occurs when a purchaser of a property assumes the existing mortgage loan debt of the original customer (who is now ?selling? the home and loan debt to the new buyer). Loan assumptions must be approved by the lender.
(A) A deed that conveys title to real property in the District shall be taxed at a rate of 1.1% (to complete the calculation of total recordation tax due at time of recording, see also additional tax in subsections (a-4) and (a-5) of this section) applied to the consideration for the deed; provided, that if there is no ...
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.