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 New Hampshire 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 for the sale of a residential property in New Hampshire. This contract is commonly used when buyers are assuming an existing loan on the property and providing additional purchase money to the seller through a mortgage or deed of trust. Key Elements of the New Hampshire Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: 1. Parties Involved: This contract identifies the parties involved in the sale, including the buyer(s), seller(s), and the lending institution holding the existing loan. 2. Property Details: The contract specifies the address and legal description of the residential property being sold. It may also include details about any fixtures, personal property, or inclusions/exclusions as part of the sale. 3. Assumption of Existing Loan: This contract outlines the buyer's assumption of the existing loan on the property. It includes details such as the loan amount, interest rate, loan term, and any applicable fees or prepayment penalties. The buyer agrees to take over the responsibility for repayment of the loan from the seller, subject to the lender's approval and any necessary qualifications. 4. Purchase Money Mortgage or Deed of Trust: In addition to assuming the existing loan, the buyer provides additional purchase money to the seller. This can be in the form of a mortgage or deed of trust, securing the buyer's obligation to repay the seller for the remaining purchase price of the property. 5. Purchase Price and Payment Terms: The contract specifies the total purchase price of the property, considering both the assumed loan and the additional purchase money provided by the buyer. It also outlines the payment terms, including the down payment amount, any monthly installment payments, interest rates, and the due date of the final payment. 6. Condition of Property and Inspections: The contract may include provisions regarding the condition of the property, such as any required inspections, repairs, or warranties. It is important for both parties to agree on the property's condition before the sale is finalized. 7. Contingencies and Disclosures: The contract may include contingencies, such as financing or appraisal contingencies, that allow the buyer to back out of the contract under certain circumstances. It also requires both parties to disclose any known defects, hazards, or legal issues related to the property. Different Types of New Hampshire Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: 1. Residential Property Purchase Agreement with Assumption Addendum: This contract includes an addendum specifically addressing the assumption of the existing loan and the terms of the purchase money mortgage or deed of trust. 2. New Hampshire Purchase and Sale Agreement — Existing Mortgage Assumption: This contract template is specifically designed for buyers assuming an existing mortgage and providing additional purchase money to the seller. 3. Agreement for Sale and Assumption of Mortgage: This contract focuses primarily on the assumption of the existing loan, with provisions for the purchase money mortgage or deed of trust as additional financing. By utilizing the New Hampshire Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust, both buyers and sellers can ensure a legally binding agreement that outlines all the necessary terms and conditions for the sale of a residential property involving an assumed loan and additional financing.
