Cook Illinois 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 used in real estate transactions in Cook County, Illinois. This addendum serves as an additional agreement to the main contract, specifically addressing the release of liability and restoration of entitlement for different types of loans. FHA Loan Assumption Release of Liability: This Cook Illinois Addendum addresses the release of liability for the seller when the current FHA loan on the property is being assumed by the buyer. This addendum outlines the terms and conditions under which the seller can be released from any further obligation or liability regarding the FHA loan, transferring it entirely to the buyer. VA Loan Assumption Release of Liability: In cases where a VA loan is being assumed, this Cook Illinois Addendum provides a mechanism for the release of liability on the part of the seller. It outlines the specific requirements and conditions that need to be met in order for the seller to be released from the liability associated with the VA loan, effectively transferring it to the buyer. Conventional Loan Assumption Release of Liability: For conventional loans, such as those obtained through traditional lenders, this Cook Illinois Addendum outlines the process for the release of liability for the seller in case the loan is being assumed by the buyer. It specifies the terms and conditions under which the seller can be relieved of any further obligation or responsibility associated with the conventional loan, transferring it to the buyer. Restoration of Seller's Entitlement for VA Guaranteed Loan: This specific clause in the Cook Illinois Addendum addresses the restoration of the seller's entitlement for a VA guaranteed loan. It outlines the steps and conditions under which the seller's entitlement, which may have been partially or fully used while obtaining the VA loan, can be restored after the assumption takes place. It's important to note that while these are common types of Cook Illinois Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan and Restoration of Seller's Entitlement for VA Guaranteed Loan, there may be variations or customized versions depending on the specific needs of the parties involved in the real estate transaction. Therefore, it is always advisable to consult a legal professional to ensure compliance with local laws and regulations.
Cook Illinois 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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How to fill out Cook Illinois 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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