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.
Tennessee 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
Cons Usually charges a higher interest rate compared to a traditional mortgage. Typically required a balloon payment at the end of the loan term. Sellers may not agree to this arrangement if the buyer has poor credit. A due-on-sale clause may prevent the seller from entering this type of arrangement.
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.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.
Some mortgages have clauses (called ?due-on-sale? clauses) that allow acceleration if the borrower sells or transfers the real property if the mortgage has not been paid in full. These clauses are intended to protect the lender's security interest in the mortgage.
A purchase money mortgage is like any other kind of mortgage, except that the seller is effectively deferring a portion of the purchase price due from the purchaser. In some instances, a loan from a third party enabling the purchaser to purchase real estate is also considered a purchase money mortgage.
A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.
In lien theory states, the borrower holds the title to the property. Instead of a Deed of Trust, a Mortgage is recorded in the public record and acts as a lien against the property until the debt is paid off. With a mortgage, a homeowner has both legal and equitable title.
