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.
Mississippi 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
Lenders use due-on-sale clauses to prevent the buyer of a property from assuming the current loan at the original interest rate.
Contract for deed. Both types of financing involve seller carryback financing; the difference is that legal title remains with the seller in a contract for deed.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
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.
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. These clauses are included for both residential and commercial mortgage borrowers.
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.
A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made. It is simpler and cheaper than getting a mortgage yourself, but it isn?t risk free.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.