The Virginia Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan is a legal document that pertains to real estate transactions in the state of Virginia. This addendum is specifically designed for situations where a buyer assumes an existing mortgage or takes over a loan on a property. Keywords: Virginia Addendum, Release of Liability, Assumption of Loan, FHA Loan, VA Loan, Conventional Loan, Restoration, Seller's Entitlement, Guaranteed Loan. There are different types of Virginia Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan, tailored to specific loan types and situations. These include: 1. Virginia Addendum for Release of Liability on Assumption of FHA Loan: This specific addendum is used when the buyer assumes an FHA loan on the property. It outlines the terms and conditions of the assumption, releases the seller from liability, and addresses the restoration of the seller's entitlement for a VA guaranteed loan, if applicable. 2. Virginia Addendum for Release of Liability on Assumption of VA Loan: This addendum is utilized when the buyer assumes a VA loan on the property. It includes provisions that release the seller from liability, outlines the terms of the assumption, and addresses the restoration of the seller's VA entitlement. 3. Virginia Addendum for Release of Liability on Assumption of Conventional Loan: This addendum is relevant when the buyer assumes a conventional loan on the property. Similar to the other addendums, it releases the seller from liability and specifies the terms and conditions of the assumption while considering the restoration of the seller's entitlement if there is a VA guaranteed loan involved. Regardless of the specific type, the Virginia Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan plays a crucial role in outlining the rights and responsibilities of the buyer and the seller. It ensures clarity and protection for both parties involved in a real estate transaction, adhering to the legal requirements set forth by the state of Virginia and the respective loan programs involved.
Virginia Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan
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