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.
Washington Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
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US-01504BG
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How to fill out Contract To Sell Commercial Property With Commercial Building - Seller Financing Secured By Mortgage And Security Agreement?
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FAQ
In a wrap, the buyer is the legal owner of the property. In a Lease/Purchase Option, the seller remains the owner until the buyer executes upon his option to purchase the property.
Limited Recourse ? If the Borrower fails to pay, the Seller must foreclose. In many States including California, Seller Financers are barred from suing the Borrower if they are not paid back in full.
A wraparound mortgage is a unique form of seller financing in which the seller keeps their mortgage and extends a loan to the buyer. The buyer pays the seller each month and the seller uses that money to pay their own mortgage. For this to be a (legal) option, the seller must have an assumable mortgage.
The chief danger of the wrap around mortgage is to the seller. Most mortgages have a "due on sale" clause. This means if the house is sold, the entire mortgage balance is due. If the seller cannot pay that amount or borrow it and pay it, the lender could foreclose on the home.
Special conditions are clauses added to a standard contract that are specific to the individual transaction and are used to address unique circumstances that may arise during the buying process.
Difference Between A Wrap And A Contract Deed Unlike a Contract Deed, a Wrap is not an executor contract because the transaction has already been executed. For this reason, the seller does not hang on to the deed but instead transfers it to the buyer.
The License Waiver issued by DFI under RCW 31.04. 025(3) is a waiver from the licensing provisions of the Consumer Loan Act. The License Waiver does not impact the applicability of the federal Truth in Lending Act to the transaction or the seller's compliance therewith.
If the seller owes a balance to an existing lender, the seller might consider offering a wrap-around, seller-financed deed of trust transaction or a lease-option transaction. If a buyer can pay all cash down to the balance that the seller owes to the lender, this is called a parallel wrap-around.