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.
South Dakota 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
Instant download
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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
A subject to mortgage will have the buyer take control of the property and make payments to the seller, who will then pay off the mortgage in their own name. A good subject to mortgage clause should be viewed by a real estate attorney before any decisions are made.
A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction to occur between a buyer and seller. SPAs are typically used for real estate transactions, but they are found in other areas of business.
One way to significantly cut down on closing and recurring costs relative to buying a home is to buy a home subject to an existing loan. This basically means that you, as the buyer, unofficially take over the seller's existing mortgage payments.
Lenders use due-on-sale clauses to prevent the buyer of a property from assuming the current loan at the original interest rate.
One risk is that the seller remains legally liable for the mortgage even after they've sold the property. If the buyer does not make the mortgage payments, the lender may still be able to come after the seller for payment.
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.
Buying a property "subject-to" means a buyer essentially takes over the seller's remaining mortgage balance without making it official with the lender. It's a popular strategy among real estate investors. When interest rates rise, it may also be an attractive financing option for general homebuyers.
A contract for deed is a contract where the seller remains the legal owner of the property and the buyer makes monthly payments to the seller to buy the house. The seller remains the legal owner of the property until the contract is paid.