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.
Massachusetts Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legal document that outlines the terms and conditions of a real estate transaction in Massachusetts where the buyer assumes the existing loan on the property and provides the seller with a purchase money mortgage or deed of trust. This type of contract is commonly used in situations where the buyer intends to purchase a residential property but wishes to assume the existing loan instead of obtaining a new mortgage. The contract allows the buyer to agree to take over the current mortgage, including its terms, payment schedule, and interest rate. The Massachusetts Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust includes various clauses and provisions that protect the interests of both the buyer and the seller. It typically covers the following key aspects: 1. Property Details: The contract includes a detailed description of the property being sold, including its address, legal description, and any relevant property disclosures or inspections. 2. Purchase Price and Financing: The contract specifies the agreed-upon purchase price for the property and outlines how the buyer will finance the transaction, highlighting the assumption of the existing loan and the creation of a purchase money mortgage or deed of trust. 3. Loan Assumption: The contract clearly states that the buyer is assuming the existing loan on the property, along with the terms and conditions of the loan. It may include provisions for the buyer to qualify for the assumption with the lender's approval. 4. Purchase Money Mortgage or Deed of Trust: The contract outlines the terms of the purchase money mortgage or deed of trust that the buyer will provide to the seller. This document secures the buyer's promise to repay the portion of the purchase price not covered by the assumed loan. 5. Closing and Possession: The contract establishes the timeline and procedures for the closing of the transaction, including the transfer of ownership, possession, and keys to the property. 6. Default and Remedies: The contract specifies the consequences and remedies in the event of default by either party, including potential cancellation of the transaction or legal actions to compel performance. Some variations of the Massachusetts Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust may include specific clauses related to contingencies, appraisal requirements, or additional representations and warranties from the buyer or seller. It is essential to consult with a qualified real estate attorney or agent to ensure compliance with Massachusetts laws and to customize the contract according to the specific needs of the buyer, seller, and property involved.
