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.
A Rhode Island 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 assumes the existing mortgage loan on the property, while also allowing the seller to finance a portion of the purchase price through a purchase money mortgage or deed of trust. This type of contract is commonly used in Rhode Island when the buyer wants to take over the existing mortgage and the seller wishes to provide some financing. The Rhode Island Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust typically includes the following information: 1. Parties involved: The contract identifies the buyer(s) and seller(s) by their legal names and contact details. 2. Property details: It provides a detailed description of the residential property being sold, including its address, legal description, and any relevant boundaries or landmarks. 3. Existing loan details: The contract specifies the existing loan to be assumed by the buyer, which includes information about the outstanding principal balance, interest rate, loan term, and payment terms. 4. Purchase price and financing: It outlines the total purchase price of the property and the amount the buyer will assume as an existing loan. Additionally, it includes the amount the seller will finance through a purchase money mortgage or deed of trust, if applicable. 5. Terms and conditions: The contract lays out the terms and conditions under which the property is being sold, including any contingencies, inspection periods, or repair obligations. 6. Closing process: It provides details on the closing process, including the proposed closing date, location, and the responsibilities of each party regarding expenses, title insurance, and transfer of ownership. Different variations of this contract may exist depending on the specific requirements agreed upon by the buyer and the seller. Some common types include: 1. Assumption with Wraparound Financing: This variation involves the buyer assuming the existing loan while the seller simultaneously provides additional financing through a wraparound mortgage. 2. Assumption with Balloon Payment: In this scenario, the buyer assumes the existing loan and agrees to make regular payments until a future predetermined date ("balloon payment" due). At that point, the remaining balance of the loan becomes due in full. 3. Assumption with Seller Carry back: Here, the seller carries back a portion of the purchase price by extending a loan to the buyer. The buyer assumes the existing loan and gives a promissory note and mortgage or deed of trust to the seller for the remaining balance. These variations may have additional terms and conditions unique to each contract, which need to be carefully reviewed and understood by both parties involved. It is recommended to consult with a real estate attorney or professional for guidance before entering into such agreements.A Rhode Island 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 assumes the existing mortgage loan on the property, while also allowing the seller to finance a portion of the purchase price through a purchase money mortgage or deed of trust. This type of contract is commonly used in Rhode Island when the buyer wants to take over the existing mortgage and the seller wishes to provide some financing. The Rhode Island Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust typically includes the following information: 1. Parties involved: The contract identifies the buyer(s) and seller(s) by their legal names and contact details. 2. Property details: It provides a detailed description of the residential property being sold, including its address, legal description, and any relevant boundaries or landmarks. 3. Existing loan details: The contract specifies the existing loan to be assumed by the buyer, which includes information about the outstanding principal balance, interest rate, loan term, and payment terms. 4. Purchase price and financing: It outlines the total purchase price of the property and the amount the buyer will assume as an existing loan. Additionally, it includes the amount the seller will finance through a purchase money mortgage or deed of trust, if applicable. 5. Terms and conditions: The contract lays out the terms and conditions under which the property is being sold, including any contingencies, inspection periods, or repair obligations. 6. Closing process: It provides details on the closing process, including the proposed closing date, location, and the responsibilities of each party regarding expenses, title insurance, and transfer of ownership. Different variations of this contract may exist depending on the specific requirements agreed upon by the buyer and the seller. Some common types include: 1. Assumption with Wraparound Financing: This variation involves the buyer assuming the existing loan while the seller simultaneously provides additional financing through a wraparound mortgage. 2. Assumption with Balloon Payment: In this scenario, the buyer assumes the existing loan and agrees to make regular payments until a future predetermined date ("balloon payment" due). At that point, the remaining balance of the loan becomes due in full. 3. Assumption with Seller Carry back: Here, the seller carries back a portion of the purchase price by extending a loan to the buyer. The buyer assumes the existing loan and gives a promissory note and mortgage or deed of trust to the seller for the remaining balance. These variations may have additional terms and conditions unique to each contract, which need to be carefully reviewed and understood by both parties involved. It is recommended to consult with a real estate attorney or professional for guidance before entering into such agreements.
