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.
Orange California Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legally binding agreement between a buyer and a seller in the city of Orange, California, for the sale of a residential property. This contract allows for the transfer of ownership from the seller to the buyer while assuming the existing loan on the property and providing additional financing to the seller through a purchase money mortgage or deed of trust. Depending on the specific terms and conditions negotiated between the parties, there may be different types of contracts falling under this category. Some of these may include: 1. Assumption and Purchase Money Mortgage: In this type of contract, the buyer agrees to assume the existing loan on the property, taking responsibility for its repayment, while also providing additional financing to the seller. The purchase money mortgage serves as a lien on the property, securing the financing extended by the buyer to the seller. 2. Assumption and Deed of Trust: Similar to the previous type, this contract involves the assumption of the existing loan by the buyer. However, instead of a purchase money mortgage, a deed of trust is used to secure the financing provided by the buyer to the seller. Both of these contracts outline the terms and conditions of the sale, including the purchase price, loan assumption details, interest rates, repayment terms, and any other specific agreements or contingencies negotiated between the parties. It is crucial for both the buyer and seller to carefully review and understand the contract's terms before signing, as it establishes the rights and obligations of each party throughout the transaction. Additionally, it is advisable to seek legal counsel to ensure compliance with the relevant laws and regulations governing property transactions in Orange, California.Orange California Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legally binding agreement between a buyer and a seller in the city of Orange, California, for the sale of a residential property. This contract allows for the transfer of ownership from the seller to the buyer while assuming the existing loan on the property and providing additional financing to the seller through a purchase money mortgage or deed of trust. Depending on the specific terms and conditions negotiated between the parties, there may be different types of contracts falling under this category. Some of these may include: 1. Assumption and Purchase Money Mortgage: In this type of contract, the buyer agrees to assume the existing loan on the property, taking responsibility for its repayment, while also providing additional financing to the seller. The purchase money mortgage serves as a lien on the property, securing the financing extended by the buyer to the seller. 2. Assumption and Deed of Trust: Similar to the previous type, this contract involves the assumption of the existing loan by the buyer. However, instead of a purchase money mortgage, a deed of trust is used to secure the financing provided by the buyer to the seller. Both of these contracts outline the terms and conditions of the sale, including the purchase price, loan assumption details, interest rates, repayment terms, and any other specific agreements or contingencies negotiated between the parties. It is crucial for both the buyer and seller to carefully review and understand the contract's terms before signing, as it establishes the rights and obligations of each party throughout the transaction. Additionally, it is advisable to seek legal counsel to ensure compliance with the relevant laws and regulations governing property transactions in Orange, California.
