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.
Virgin Islands 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
Hypothecation refers to the process of using an asset as collateral for a loan. With hypothecation, you agree to let that asset be used to secure the loan. But it only provides backing: You don't sign any ownership rights over to the lender. You maintain full possession and use of the asset.
A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made.
The most important document in the loan assumption process is the deed of trust, which adds your name to the mortgage and absolves the original borrower of any obligations under the agreement, assuming a novation. All parties will be required to sign the final documents.
An alienation clause also prevents new buyers from assuming the previous owner's interest rate, which would likely be lower than current mortgage rates.
An assumption clause is a provision in a mortgage contract that allows the seller of a home to pass responsibility for the existing mortgage to the buyer of the property. In other words, the new homeowner assumes the existing mortgage and?along with it?ownership of the property that secures the loan.
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.
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions. An accelerated clause is typically invoked when the borrower materially breaches the loan agreement.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.