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.
Michigan 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
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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 form usually used for land contracts in Michigan allows the Land Contract seller to mortgage the property but only up to the amount of the land contract balance and with payments no higher than the land contract payment.
Although a Deed of Trust is similar to a Mortgage, which is used in other states, it is not a Mortgage. Good to know: Texas does not use mortgages. Instead, Texas uses Deeds of Trust. The document is referred to as a Deed of Trust because there is a Trustee named for the property.
Mortgages are used, but they are rare. A security deed (deed to secure debt) is the customary security instrument in Georgia. Georgia does not use a Deed of Trust. Two witnesses are required to witness the signature of the grantor for a security deed to be recorded.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
Although the buyer makes the mortgage payments, the seller remains responsible for the loan. When the property is sold subject to the loan the buyer is not liable to pay the lender, the original borrower is still primarily liable to the lender.
In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.