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.
Massachusetts Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust
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Multi-State
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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
When the buyer assumes the mortgage, he or she will still need to apply for the loan and meet any requirements set by the lender, just as if he or she were applying for a new loan. In other words, you need to qualify for the seller's mortgage, and the lender needs to agree before the mortgage can be assumed.
Hypothecation refers to the process of using an asset as collateral for a loan. With hypothecation, you agree to let that asset be used to secure the loan. But it only provides backing: You don't sign any ownership rights over to the lender. You maintain full possession and use of the asset.
A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made.
Defeasance, as its name suggests, is a method for reducing the fees required when a borrower decides to prepay a fixed-rate commercial real estate loan. Instead of paying cash to the lender, the defeasance option allows the borrower to exchange another cash-flowing asset for the original collateral on the loan.
The seller's agent or attorney will draft the Purchase and Sale Agreement (P&S).
A defeasance clause is a term within a mortgage contract that states the property's title will be transferred to the borrower (mortgagor) when they satisfy payment conditions from the lender (mortgagee).
If your home loan includes a defeasance clause, it essentially means that you don't actually hold the title to the property until your mortgage is paid in full. Until then, your mortgage lender holds the title. So, as long as you still owe money on the mortgage, they technically own the house.
Example of Defeasance If a borrower pays early, they lose that future money, so to avoid this, some bonds and loans have a prepayment penalty written in. To avoid penalties, but functionally complete an early payoff, the commercial property buyer can build a portfolio with an equal value to the remaining obligations.