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 Minnesota 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 which the buyer agrees to assume an existing loan on the property while the seller provides a purchase money mortgage or deed of trust. This contract is commonly used in Minnesota to facilitate the sale of residential properties. It enables buyers to take over an existing loan, eliminating the need to go through the rigorous process of applying for a new loan. At the same time, it allows sellers to secure a purchase money mortgage or deed of trust, which serves as additional collateral and ensures that they receive the agreed-upon purchase price. Key elements included in the Minnesota Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust are: 1. Parties: Names and contact information of both the buyer and the seller. 2. Property Details: The address and legal description of the residential property being sold. 3. Purchase Price: The agreed-upon purchase price for the property. 4. Existing Loan Assumption: A section that outlines the terms and conditions of the buyer's assumption of the existing loan, including any transfer fees, prepayment penalties, or other costs associated with the assumption. 5. Purchase Money Mortgage/Deed of Trust: Details of the purchase money mortgage or deed of trust, including the amount, interest rate, repayment terms, and any other applicable terms and conditions. 6. Closing and Possession: The date and location of the closing, as well as when possession of the property will be transferred to the buyer. 7. Contingencies: Any additional contingencies agreed upon by both parties, such as inspections, repairs, or mortgage approval. 8. Default and Remedies: The consequences for defaulting on the contract and the remedies available to the non-defaulting party. It's important to note that there may be different variations or templates of the Minnesota Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust available, depending on specific circumstances and preferences. It's advisable to seek legal counsel or utilize standardized forms provided by reputable real estate organizations to ensure compliance with Minnesota laws and regulations.
