A Deed of Sale Assumption of Mortgage is utilized when a property buyer wishes to take over the seller's existing mortgage rather than obtaining new financing. This document is particularly relevant in situations where the existing mortgage has favorable terms or when new financing might be difficult to obtain. The document must comply with U.S. federal regulations including TILA and RESPA, as well as state-specific property laws. It typically includes detailed information about the property, original mortgage terms, current balance, and specific conditions for assumption. The document becomes especially important in markets with rising interest rates where assuming an existing mortgage might be more advantageous than securing new financing.
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1. Parties: Identification of seller, buyer, and current mortgage holder
2. Background: Details of original mortgage and current status
3. Definitions: Key terms used throughout the document
4. Property Description: Legal description of the property being transferred
5. Mortgage Assumption Terms: Details of the mortgage being assumed including balance and terms
6. Transfer of Title: Terms of property transfer
7. Representations and Warranties: Statements of fact by both parties
8. Execution: Signature blocks and notarization
1. Due Diligence Period: Optional section detailing the time allowed for buyer to review property condition and conduct inspections
2. Seller Financing: Optional section specifying additional financing terms provided by seller beyond the assumed mortgage
3. Property Management: Optional section outlining terms for managing rental property when the property is income-producing
1. Schedule A - Property Description: Detailed legal description of property including boundaries and easements
2. Schedule B - Original Mortgage Document: Copy of original mortgage agreement being assumed
3. Schedule C - Current Mortgage Statement: Recent mortgage statement showing current balance and payment status
4. Schedule D - Property Inspection Report: Results of property inspection if conducted during due diligence
5. Schedule E - Lender Consent: Written consent from mortgage holder authorizing the assumption
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