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 South Carolina Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legal agreement used in real estate transactions in the state of South Carolina. This contract outlines the terms and conditions of a property sale where the buyer assumes the existing loan on the property and the seller provides a purchase money mortgage or deed of trust. Keywords: South Carolina, contract, sale, residential property, assuming existing loan, purchase money mortgage, deed of trust In South Carolina, there are various types of contracts for the sale of residential property assuming existing loans and giving the seller a purchase money mortgage or deed of trust, including: 1. South Carolina Contract for Sale of Residential Property Assuming Existing FHA Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: This contract specifically applies when the buyer assumes an existing loan insured by the Federal Housing Administration (FHA). It sets forth the obligations and responsibilities of both parties in such a transaction. 2. South Carolina Contract for Sale of Residential Property Assuming Existing VA Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: This contract is used when the buyer assumes an existing loan backed by the Department of Veterans Affairs (VA). It outlines the buyer's agreement to take over the VA loan and the seller's provision of a purchase money mortgage or deed of trust. 3. South Carolina Contract for Sale of Residential Property Assuming Existing Conventional Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: This contract applies when the buyer assumes an existing conventional loan. It defines the terms of assuming the loan and the seller's agreement to provide a purchase money mortgage or deed of trust. 4. South Carolina Contract for Sale of Residential Property Assuming Existing USDA Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: This contract is used when the buyer assumes an existing loan guaranteed by the United States Department of Agriculture (USDA). It sets out the terms of assuming the loan and the seller's obligation to provide a purchase money mortgage or deed of trust. Each type of contract mentioned above includes specific terms and conditions related to the assumption of the existing loan, the amount and terms of the purchase money mortgage or deed of trust, and other relevant details required for a legally binding agreement. Note: It is important to consult with a real estate attorney or professional when drafting or entering into any legal contracts to ensure compliance with South Carolina state laws and regulations.
