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.
Kansas 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
A sales agreement is a contract between a buyer and a seller that details the terms of an exchange. It is also known as a sales agreement contract, sale of goods agreement, sales agreement form, purchase agreement, or sales contract. One very common type of sales agreement is the type used when purchasing a home.
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.
What Is A Purchase And Sale Agreement? A purchase and sale agreement, or PSA, is a document that is written up and signed after a buyer and seller mutually agree on the price and terms of a real estate transaction. Depending on state laws, either a real estate agent or a real estate attorney will prepare the PSA.
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.
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.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.
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.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
