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 Tennessee Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legally binding agreement that outlines specific terms and conditions between the buyer and seller for the sale of residential property in Tennessee. This contract is a popular option when the buyer wishes to assume the existing loan on the property and the seller is willing to grant a purchase money mortgage or deed of trust. Key Features: 1. Assumption of Existing Loan: This contract allows the buyer to assume the existing mortgage loan on the property from the seller. The buyer becomes responsible for making future mortgage payments, while the seller is relieved of their mortgage obligations. 2. Purchase Money Mortgage or Deed of Trust: In addition to assuming the existing loan, the buyer also agrees to provide the seller with a purchase money mortgage or deed of trust. This creates a lien against the property, securing the seller's interest and enabling them to receive monthly payments from the buyer. 3. Terms and Conditions: The contract specifies the purchase price, payment terms, interest rate, and duration of the purchase money mortgage or deed of trust. It also outlines any contingencies, such as property inspection or financing, that need to be fulfilled before the sale is finalized. 4. Seller's Representations: The seller is required to disclose any known defects or issues with the property that may affect its value or pose potential risks to the buyer. This ensures transparency and helps the buyer make an informed decision. 5. Default and Remedies: The contract outlines the consequences of defaulting on the loan obligations by either the buyer or the seller. It specifies the remedies available to the non-defaulting party, which may include foreclosure or legal action. Different Types of Tennessee Contracts for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: 1. Tennessee Contract for the Sale of Residential Property with Assumption and Purchase Money Mortgage: This contract allows the buyer to assume the existing loan and grants the seller a purchase money mortgage without involving a deed of trust. 2. Tennessee Contract for the Sale of Residential Property with Assumption and Deed of Trust: This contract allows the buyer to assume the existing loan and grants the seller a purchase money deed of trust without involving a mortgage. 3. Tennessee Contract for the Sale of Residential Property with Assumption, Purchase Money Mortgage, and Deed of Trust: This comprehensive contract enables the buyer to assume the existing loan and grants the seller both a purchase money mortgage and a deed of trust, ensuring maximum security for the seller's interests. Note: It is important to consult a qualified real estate attorney to tailor the contract to the specific requirements and circumstances of the transaction, as there may be other variations or specialized provisions applicable in some cases.The Tennessee Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legally binding agreement that outlines specific terms and conditions between the buyer and seller for the sale of residential property in Tennessee. This contract is a popular option when the buyer wishes to assume the existing loan on the property and the seller is willing to grant a purchase money mortgage or deed of trust. Key Features: 1. Assumption of Existing Loan: This contract allows the buyer to assume the existing mortgage loan on the property from the seller. The buyer becomes responsible for making future mortgage payments, while the seller is relieved of their mortgage obligations. 2. Purchase Money Mortgage or Deed of Trust: In addition to assuming the existing loan, the buyer also agrees to provide the seller with a purchase money mortgage or deed of trust. This creates a lien against the property, securing the seller's interest and enabling them to receive monthly payments from the buyer. 3. Terms and Conditions: The contract specifies the purchase price, payment terms, interest rate, and duration of the purchase money mortgage or deed of trust. It also outlines any contingencies, such as property inspection or financing, that need to be fulfilled before the sale is finalized. 4. Seller's Representations: The seller is required to disclose any known defects or issues with the property that may affect its value or pose potential risks to the buyer. This ensures transparency and helps the buyer make an informed decision. 5. Default and Remedies: The contract outlines the consequences of defaulting on the loan obligations by either the buyer or the seller. It specifies the remedies available to the non-defaulting party, which may include foreclosure or legal action. Different Types of Tennessee Contracts for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust: 1. Tennessee Contract for the Sale of Residential Property with Assumption and Purchase Money Mortgage: This contract allows the buyer to assume the existing loan and grants the seller a purchase money mortgage without involving a deed of trust. 2. Tennessee Contract for the Sale of Residential Property with Assumption and Deed of Trust: This contract allows the buyer to assume the existing loan and grants the seller a purchase money deed of trust without involving a mortgage. 3. Tennessee Contract for the Sale of Residential Property with Assumption, Purchase Money Mortgage, and Deed of Trust: This comprehensive contract enables the buyer to assume the existing loan and grants the seller both a purchase money mortgage and a deed of trust, ensuring maximum security for the seller's interests. Note: It is important to consult a qualified real estate attorney to tailor the contract to the specific requirements and circumstances of the transaction, as there may be other variations or specialized provisions applicable in some cases.
