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.
Indiana 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
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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.
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.
The buyer takes over the seller's mortgage payments, and the seller receives the value of their equity in the home. An assumable mortgage could have advantages for a buyer, but it also has notable drawbacks.
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.
An assumption clause allows the seller of a home to pass responsibility for an existing mortgage to the buyer of the property. The new buyer must meet credit and other qualifications. Assumption clauses are attractive when the interest rate on the current mortgage is lower than the current rates.
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.
Most importantly, an alienation clause prevents a homebuyer from assuming the current mortgage on the property. Without this clause, the new owner could assume the existing mortgage and repay it at that interest rate, rather than obtaining a new loan at prevailing rates.