The Conditional Deed Of Sale With Assumption Of Mortgage is utilized when a property buyer wishes to take over the seller's existing mortgage instead of obtaining new financing. This document is particularly relevant in the United States when interest rates have increased significantly since the original mortgage was issued, making the existing loan terms more attractive. It must comply with federal regulations including the Garn-St. Germain Act and typically requires explicit lender approval. The document includes detailed property information, sale terms, mortgage details, and conditions that must be met before the transfer is complete.
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1. Parties: Identification of seller, buyer, and current mortgagee
2. Background: Property details and existing mortgage information
3. Definitions: Key terms used throughout the agreement
4. Property Description: Legal description of the property being sold
5. Purchase Price: Total consideration and payment terms
6. Mortgage Assumption Terms: Details of the mortgage being assumed
7. Conditions Precedent: Requirements before sale completion
8. Representations and Warranties: Statements of fact by both parties
1. Due Diligence Period: Optional section for specifying timeframe and terms for buyer's property inspection period
2. Seller Financing: Optional section detailing additional financing terms provided by seller beyond mortgage assumption
3. Property Management: Optional section covering interim management arrangements for income-producing properties
1. Property Description Schedule: Detailed legal description of property including boundaries, easements, and rights of way
2. Existing Mortgage Details: Complete terms and conditions of the mortgage being assumed
3. Title Documents: Current title documentation and certification
4. Property Condition Report: Detailed assessment of current property condition and any known defects
5. Lender Consent Documentation: Written approval from existing mortgagee for the assumption of mortgage
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