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.
Iowa Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust
State:
Multi-State
Control #:
US-01536BG
Format:
Word;
Rich Text
Instant download
Description
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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
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.
While an alienation clause is activated when you sell your home, an acceleration clause becomes effective when you fail to meet a requirement of your loan terms. The most common reason is a missed mortgage payment. Both clauses require you to pay back the full balance owed on your loan with accrued interest at once.
Failure to record a conveyance or lease of agricultural land required to be recorded by this section by the grantee or lessee within the specified time limit is punishable by a fine not to exceed one hundred dollars per day for each day of violation.
onsale clause is a mortgage provision that requires the borrower to repay the lender in full if the property is sold. By contrast, assumable mortgages allow the property's new buyer to take over the existing mortgage.
The defeasance clause prevents a buyer from assuming the mortgage. A lender is charging an origination fee of 1.5% on a new mortgage loan of $300,000.
Mortgage alienation clauses prevent assumable mortgage contracts from occurring. An alienation clause requires a mortgage lender to be immediately repaid if an owner transfers ownership rights or sells a collateral property.
A statement that the purchaser has a right to seek independent legal counsel concerning the contract and any matters pertaining to the contract.
558.31 Proof of execution and delivery in lieu of acknowledgment.