Utah Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust

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Multi-State
Control #:
US-00654BG
Format:
Word; 
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Description

This form deals with a sale of an apartment building. The purchaser is paying cash plus assuming the outstanding promissory note secured by the first deed of trust or mortgage covering the property. At the closing of the sale, the parties enter into a lease agreement with purchaser leasing the property to the seller.
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  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
  • Preview Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust

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FAQ

A Florida special warranty deed offers protection to the buyer with a limited guarantee from the seller that the title to the property legally belongs to them and that there are no outstanding liens, mortgages, or other encumbrances against it during the period of time the seller owned the property.

Cons: Fewer protections for buyers, who are now responsible for addressing any previous liens or claims for the property. Lenders and title companies may refuse to help buyers secure financing or title insurance for a property sold under special warranty.

Which of the following is TRUE regarding a special warranty deed? The grantor's warranties are limited to the time the grantor owned the property.

Special warranty deeds are most commonly used with commercial property transactions. Single-family and other residential property transactions will usually use a general warranty deed. Many mortgage lenders insist upon the use of the general warranty deed.

Definition of Special Warranty Deed? A deed in which the grantor warrants or guarantees the title only against defects arising during his ownership of the property and not against defects existing before the time of ownership.

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Utah Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust