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.
Nevada 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
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.
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.
Assumable refers to when one party takes over the obligation of another. In terms of an assumable mortgage, the buyer assumes the existing mortgage of the seller. When the mortgage is assumed, the seller is often no longer responsible for the debt.
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.
In Nevada, lenders like a deed of trust (or ?trust deed?) to give them security in case the borrower defaults. Some states use a mortgage for security, which is a two-party transaction involving both the lender and the borrower.
Interspousal Transfer Deed Transfers ownership between spouses, either to add a spouse to title, or to remove a spouse [because of divorce] from title.? This deed contains language that will exempt real property transfer tax and reassessment of the property tax.
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.