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.
Virginia 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
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
Deeds to a Trustee Because a trust itself cannot hold title, the grantee under a deed of propeny to be held in trust must be the trustee.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
An assumable mortgage is a type of financing arrangement whereby an outstanding mortgage and its terms are transferred from the current owner to a buyer. By assuming the previous owner's remaining debt, the buyer can avoid obtaining their own mortgage.
A general warranty deed is used to transfer an interest in real estate in Virginia in most real estate transactions. A Virginia warranty deed conveys real property with warranty covenants to the buyer. It requires an acknowledgement of the grantor's signature.
A mortgage or deed of trust is an agreement in which a borrower puts up title to real estate as security (collateral) for a loan. People often refer to a home loan as a "mortgage." But a mortgage isn't a loan agreement. The promissory note promises to repay the amount you borrowed to buy a home.
Lenders use due-on-sale clauses to prevent the buyer of a property from assuming the current loan at the original interest rate.
No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.