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 Nassau New York Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legal document used in real estate transactions in Nassau County, New York. This agreement outlines the terms and conditions of a sale where the buyer assumes the existing mortgage on the property and also provides additional purchase money to the seller through a mortgage or deed of trust. Keywords: Nassau New York, Contract for the Sale of Residential Property, assuming existing loan, giving seller purchase money mortgage, giving seller deed of trust. This type of contract allows for a smooth transfer of ownership while maintaining the existing mortgage on the property. It is commonly used when the buyer does not wish to obtain a new loan or if the existing loan offers favorable terms. Different types of Nassau New York Contracts for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust may include: 1. Fixed-Rate Mortgage Assumption Contract: This contract involves a buyer who assumes an existing fixed-rate mortgage on the residential property in Nassau County. The terms of the mortgage, including interest rate and repayment schedule, remain unchanged. 2. Adjustable-Rate Mortgage (ARM) Assumption Contract: In this case, the buyer assumes an existing ARM on the property. The terms of the ARM, such as the adjustment period and interest rate caps, continue as outlined in the original mortgage. 3. Seller Purchase Money Mortgage Contract: This contract involves the seller providing a mortgage to the buyer in addition to assuming the existing loan on the property. The buyer will make monthly payments to the seller for the purchase money mortgage, which is usually secured by a deed of trust. 4. Seller Deed of Trust Contract: Similar to the seller purchase money mortgage contract, the seller provides a deed of trust to the buyer instead of a mortgage. The buyer is responsible for making payments to the seller as outlined in the agreement. Both the buyer and seller must carefully review and understand the terms of the Nassau New York Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust before proceeding with the transaction. It is advisable to consult with a real estate attorney or professional to ensure full compliance with local laws and regulations regarding such contracts.The Nassau New York Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legal document used in real estate transactions in Nassau County, New York. This agreement outlines the terms and conditions of a sale where the buyer assumes the existing mortgage on the property and also provides additional purchase money to the seller through a mortgage or deed of trust. Keywords: Nassau New York, Contract for the Sale of Residential Property, assuming existing loan, giving seller purchase money mortgage, giving seller deed of trust. This type of contract allows for a smooth transfer of ownership while maintaining the existing mortgage on the property. It is commonly used when the buyer does not wish to obtain a new loan or if the existing loan offers favorable terms. Different types of Nassau New York Contracts for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust may include: 1. Fixed-Rate Mortgage Assumption Contract: This contract involves a buyer who assumes an existing fixed-rate mortgage on the residential property in Nassau County. The terms of the mortgage, including interest rate and repayment schedule, remain unchanged. 2. Adjustable-Rate Mortgage (ARM) Assumption Contract: In this case, the buyer assumes an existing ARM on the property. The terms of the ARM, such as the adjustment period and interest rate caps, continue as outlined in the original mortgage. 3. Seller Purchase Money Mortgage Contract: This contract involves the seller providing a mortgage to the buyer in addition to assuming the existing loan on the property. The buyer will make monthly payments to the seller for the purchase money mortgage, which is usually secured by a deed of trust. 4. Seller Deed of Trust Contract: Similar to the seller purchase money mortgage contract, the seller provides a deed of trust to the buyer instead of a mortgage. The buyer is responsible for making payments to the seller as outlined in the agreement. Both the buyer and seller must carefully review and understand the terms of the Nassau New York Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust before proceeding with the transaction. It is advisable to consult with a real estate attorney or professional to ensure full compliance with local laws and regulations regarding such contracts.
