A Phoenix Arizona Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage is a legal document that outlines the terms and conditions of buying a condominium in Phoenix, Arizona using purchase money mortgage financing provided by the seller, while also acknowledging the existence of an existing mortgage on the property. This agreement serves as a binding contract between the buyer and seller, establishing the rights, obligations, and responsibilities of each party involved in the transaction. It provides a clear framework for the transfer of ownership of the condominium, as well as the handling of finances and legalities. Key elements included in this agreement may cover: 1. Parties: The agreement will identify the buyer(s) and seller(s) involved in the transaction. This ensures that all relevant individuals are legally bound to the terms of the agreement. 2. Property Details: The agreement will provide a detailed description of the condominium being purchased, including its address, legal description, and any additional specifications or features. 3. Purchase Price and Payment Terms: The agreement will outline the purchase price of the condominium and the agreed-upon terms for payment. This may include the down payment amount, interest rates, payment schedule, and any additional financial agreements between the buyer and seller. 4. Financing: The agreement will specify that the seller will provide purchase money mortgage financing to the buyer, allowing them to secure a loan in order to purchase the condominium. 5. Existing Mortgage: The agreement will state that the property is subject to an existing mortgage held by the seller. This means that the buyer acknowledges this existing mortgage and assumes responsibility for it, either by taking over the payments or refinancing. 6. Contingencies and Conditions: The agreement may include any contingencies or conditions that need to be met for the transaction to proceed. This could include the approval of a home inspection, appraisal, or other relevant factors affecting the property's value or condition. 7. Disclosure Requirements: The agreement may address any required disclosures regarding the condominium, such as known defects, environmental hazards, or legal issues that may impact the buyer's decision-making process. Different types of Phoenix Arizona Agreements to Purchase Condominiums with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage may be named based on specific circumstances or variations. Some possible variations could include: 1. Phoenix Arizona Agreement to Purchase Condominium with Seller Financing and Assumption of Existing Mortgage. 2. Phoenix Arizona Agreement to Purchase Condominium with Installment Payments and Subject to Existing Mortgage. 3. Phoenix Arizona Agreement to Purchase Condominium with Owner Financing and Existing Mortgage Subordination. In conclusion, a Phoenix Arizona Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage is a legally binding document that outlines the terms and conditions of buying a condominium with financing provided by the seller, while acknowledging the existence of an existing mortgage. The specific type of agreement may vary depending on additional factors and contingencies involved in the transaction.
Phoenix Arizona Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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How to fill out Phoenix Arizona Agreement To Purchase Condominium With Purchase Money Mortgage Financing By Seller, And Subject To Existing Mortgage?
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Must-have contract financing terms such as loan payment amounts, interest, taxes, insurance, and additional fees....Spell out the big numbers: How much are you willing to lend? The agreed-upon sales price. The non-refundable deposit amount. The remaining loan balance.
Why Would a Seller Agree to a Subject-To? Most sellers that agree to a subject-to deal are in some sort of distress. They may be behind on their mortgage payments and facing foreclosure, or they need immediate cash due to some sort of personal distress such as sickness or divorce.
Buying subject-to means buying a home subject-to the existing mortgage. It means that the seller is not paying off the existing mortgage. Instead, the buyer is taking over the payments.
For sellers, owner financing provides a faster way to close because buyers can skip the lengthy mortgage process. Another perk for sellers is that they may be able to sell the home as-is, which allows them to pocket more money from the sale.
Example of Seller Financing Terms Typically, the seller will pay property taxes monthly to the buyer, who will then pay them either annually or semi-annually. Also, if there's an existing mortgage on the property, it's possible that part of the monthly mortgage payment is an escrow that covers taxes and insurance.
Seller financing is a type of real estate agreement that allows the buyer to pay the seller in installments rather than using a traditional mortgage from a bank, credit union or other financial institution.
Both involve the sale of a property without paying off the underlying mortgage. With an assumption, the buyer agrees to become personally liable for any deficiency judgment upon default; subject to means the seller remains primarily liable for the note and the mortgage.
Disadvantages Of Seller Financing Fewer regulations that protect home buyers. Buyers still vulnerable to foreclosure if seller doesn't make mortgage payments to senior financing. No home inspection/PMI may result in buyer paying too much for the property. Higher interest rates and bigger down payment required.
Drawbacks for Sellers Despite the advantages of seller financing, it can be risky for owners. For one, if the buyer defaults on the loan, the seller might have to face foreclosure. Because mortgages often come with clauses that require payment by a certain time, missing that date could be catastrophic.
For sellers, owner financing provides a faster way to close because buyers can skip the lengthy mortgage process. Another perk for sellers is that they may be able to sell the home as-is, which allows them to pocket more money from the sale.