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 Lima Arizona Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a legal document that outlines the terms and conditions for the sale of a residential property in Lima, Arizona. This contract is commonly used when the buyer agrees to assume the existing mortgage on the property and the seller provides a purchase money mortgage or deed of trust to facilitate the transaction. Keywords: Lima Arizona, contract for sale, residential property, assuming existing loan, purchase money mortgage, deed of trust. There are various types of Lima Arizona Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust. These may include: 1. Traditional Contract: This type of contract is the standard agreement used in Lima, Arizona for the sale of residential properties. It includes provisions for the assumption of the existing loan by the buyer and the creation of a purchase money mortgage or deed of trust by the seller. 2. Short Sale Contract: In cases where the seller is attempting to sell the property for less than the amount owed on the existing loan, a short sale contract may be used. This contract outlines the terms of the sale, including the assumption of the loan and the purchase money mortgage or deed of trust. 3. Foreclosure Sale Contract: When a residential property is being sold as a result of foreclosure, a specific contract may be used. This contract typically includes provisions for the assumption of the existing loan and the creation of a purchase money mortgage or deed of trust to complete the sale. 4. Seller Financing Contract: In situations where the seller agrees to provide financing for the buyer instead of assuming an existing loan, a seller financing contract may be used. This contract outlines the terms of the financing arrangement, including the purchase money mortgage or deed of trust. Overall, the Lima Arizona Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust is a comprehensive legal document that ensures a smooth and legally binding transaction for the sale of residential properties in Lima, Arizona.
