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.
The Idaho Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legally binding agreement between a buyer and a seller for the purchase and sale of a residential property in Idaho. This contract is commonly used when the buyer agrees to assume the existing loan on the property and the seller provides a purchase money mortgage or deed of trust to secure the remaining purchase price. Under this contract, the buyer agrees to assume the existing loan on the property, including all rights, obligations, and liabilities associated with the loan. The buyer also agrees to make all future payments on the loan and to indemnify and hold the seller harmless from any default or non-payment. In return, the seller agrees to provide a purchase money mortgage or deed of trust to secure the buyer's obligation to pay the remaining purchase price of the property. This mortgage or deed of trust will act as a lien on the property until the buyer repays the remaining balance. The seller has the right to foreclose on the property in the event of non-payment. There may be different variations or types of the Idaho Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust, which could include: 1. Fixed-rate mortgage contract: This type of contract specifies a fixed interest rate for the loan assumed by the buyer and the terms and conditions for repayment. 2. Adjustable-rate mortgage contract: In this contract, the interest rate on the loan assumed by the buyer fluctuates based on changes in an underlying index, such as the Treasury rate or the London Interbank Offered Rate (LIBOR). 3. Balloon payment contract: This type of contract requires the buyer to make regular payments for a specified period, with a large lump sum (balloon payment) due at the end of the term. 4. Seller financing contract: In this variation, the seller acts as the lender and provides financing directly to the buyer, eliminating the need for a traditional mortgage. It is crucial for both the buyer and the seller to carefully review and understand the terms and conditions of the Idaho Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust before signing. It is also advisable to consult with a real estate attorney or professional for legal advice and assistance throughout the transaction process.
