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.
Oregon Contract for the Sale of Commercial Property - Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement
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Multi-State
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US-01325BG
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Word;
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How to fill out Contract For The Sale Of Commercial Property - Owner Financed With Provisions For Note And Purchase Money Mortgage And Security Agreement?
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(1) Every conveyance, deed, land sale contract, assignment of all or any portion of a seller's or purchaser's interest in a land sale contract or other agreement or memorandum thereof affecting the title of real property within this state which is not recorded as provided by law is void as against any subsequent ...
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.
What Is the Defeasance Process? The defeasance process is a means by which borrowers can substitute securities, typically bonds backed by the U.S. Treasury, for the existing collateral on their mortgage, such as a home or similar property. It can also be used in other kinds of financial transactions.
Whether defeasance is a good idea also depends on the specific defeasance terms outlined in a borrower's loan agreement. For example, defeasance is more ideal when a lender allows a borrower to use agency bonds, and less ideal when they need to use Treasury bonds.
Defeasance allows borrowers to replace the collateral on their loans with assets that provide the same cash flows as the original loan. This asset exchange allows lenders to continue to receive their expected yield throughout the loan term without having to find new lending opportunities to replace the prepaid capital.
With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.
With a note and deed of trust, you have to foreclose on the property, and more and more states are enacting strong anti-foreclosure legislation, making it very difficult (and more expensive) to foreclose. With the land sales contract, however, title does not transfer.
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.