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 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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Word;
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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
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.
Since Oregon is a tax deed state, that means the county seizes properties for nonpayment of property taxes and sells them at auction. Starting bids are around the amount of the delinquent property taxes owed, which are a small percentage of the assessed value.
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.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.
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.
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.
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.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
An Oregon deed of trust is a contract in which the title to one's real estate is assigned to a third-party trustee to provide security (collateral) for a home loan.