The Virginia Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage is a legal document that outlines the terms and conditions of purchasing a condominium in Virginia with the assistance of financing provided by the seller. This agreement is commonly used when a buyer wishes to purchase a condominium and requires financial assistance from the seller in the form of a purchase money mortgage. Keywords: Virginia, agreement to purchase condominium, purchase money mortgage financing, seller, subject to existing mortgage, terms and conditions, legal document, financing assistance. There are no specific types or variations of the Virginia Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage. However, it is essential to note that the details and specific clauses included in the agreement may vary depending on the individual agreement between the buyer and the seller. In general, this agreement includes the following key elements: 1. Parties Involved: The agreement identifies the buyer and the seller, including their legal names and contact information. 2. Property Description: A detailed description of the condominium being purchased is provided, including its address, unit number, and any unique identifiers. 3. Purchase Price and Financing Terms: The purchase price of the condominium is clearly stated, along with the terms of seller financing. This includes the amount of the purchase money mortgage provided by the seller and any interest or repayment conditions agreed upon. 4. Existing Mortgage Details: If there is an existing mortgage on the condominium, this agreement should incorporate the specifics of the mortgage. The buyer acknowledges and agrees to take the property subject to the existing mortgage, and the seller provides assurances regarding the payment and satisfaction of the mortgage. 5. Terms and Conditions: The agreement outlines any additional terms and conditions agreed upon by the buyer and seller. This may include items like a closing date, contingencies, repair obligations, or any other terms stipulated. 6. Default and Remedies: The consequences of default by either party are defined, including any potential remedies available to the non-defaulting party. 7. Disclosures: The agreement may require the seller to disclose any known defects, damages, or other material information related to the condominium. It is crucial for both parties involved in the transaction to review and understand the agreement thoroughly before signing. It is recommended to seek legal counsel to ensure the agreement accurately represents the intentions and protects the rights of both the buyer and seller. In summary, the Virginia Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage is a legally binding contract that sets forth the terms and conditions when purchasing a condominium with seller financing. The agreement specifies the purchase price, financing terms, existing mortgage details, and additional terms and conditions agreed upon by the parties involved.
Virginia Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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As a type of specialty home financing, a land contract is similar to a mortgage. However, rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
Also known as seller financing, a purchase-money mortgage is a loan the property seller provides to the home buyer. This type of mortgage is common in situations when the buyer doesn't qualify for standard bank financing, much like other nonconforming loans.
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 one given as part of the transaction of purchase to the vendor of real estate for all or part of the purchase money or to a 3rd person who advances all or part of the purchase money.
What Is A Purchase Agreement? A real estate purchase agreement spells out the terms under which a buyer and seller agree to engage in a real estate transaction. Signing a purchase agreement effectively places both the buyer and seller (as well as the property in question) ?under contract.?
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
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.
Sometimes, a person buying real property gives the seller a mortgage on the property as part of the deal to buy the property. This is called a purchase money mortgage, because this type of mortgage usually replaces part or all of the cash that the buyer would otherwise pay the seller.