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.
Travis Texas 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 within Travis County, Texas. This contract allows a buyer to assume the existing loan on a residential property while providing additional purchase money to the seller through either a mortgage or a deed of trust. Keywords: Travis Texas, contract, sale of residential property, assuming existing loan, purchase money, mortgage, deed of trust, real estate transaction, buyer, seller, legal document. Different types of Travis Texas Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust may include: 1. Simple Assumption Contract: This contract enables the buyer to assume the existing loan on the residential property without any additional monetary agreement between the buyer and the seller. It transfers the liability of the loan solely to the buyer. 2. Assumption Contract with Seller Financing: In this type of contract, along with assuming the existing loan, the buyer also provides additional purchase money to the seller through a mortgage or a deed of trust. The buyer becomes responsible for both the existing loan and the newly created financing arrangement. 3. Assumption Contract with Partial Release: This contract allows the buyer to assume the existing loan while the seller releases a portion of the property from the loan. This type can be beneficial if the property consists of multiple units or parcels. 4. Assumption Contract with Full Release: Unlike the partial release contract, this type of contract enables the buyer to assume the existing loan while the seller releases the property in its entirety from the loan. This is typically used when the buyer intends to refinance the property entirely and pay off the existing loan. 5. Assumption Contract with Contract for Deed or Land Contract: These types of contracts involve the seller financing the purchase directly. The buyer assumes the existing loan and makes regular payments to the seller, who acts as the lender until the debt is fully paid. Upon completion, the buyer receives the title to the property. (Note: The types mentioned above are examples and may not encompass all variations of the Travis Texas Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust.)Travis Texas 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 within Travis County, Texas. This contract allows a buyer to assume the existing loan on a residential property while providing additional purchase money to the seller through either a mortgage or a deed of trust. Keywords: Travis Texas, contract, sale of residential property, assuming existing loan, purchase money, mortgage, deed of trust, real estate transaction, buyer, seller, legal document. Different types of Travis Texas Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust may include: 1. Simple Assumption Contract: This contract enables the buyer to assume the existing loan on the residential property without any additional monetary agreement between the buyer and the seller. It transfers the liability of the loan solely to the buyer. 2. Assumption Contract with Seller Financing: In this type of contract, along with assuming the existing loan, the buyer also provides additional purchase money to the seller through a mortgage or a deed of trust. The buyer becomes responsible for both the existing loan and the newly created financing arrangement. 3. Assumption Contract with Partial Release: This contract allows the buyer to assume the existing loan while the seller releases a portion of the property from the loan. This type can be beneficial if the property consists of multiple units or parcels. 4. Assumption Contract with Full Release: Unlike the partial release contract, this type of contract enables the buyer to assume the existing loan while the seller releases the property in its entirety from the loan. This is typically used when the buyer intends to refinance the property entirely and pay off the existing loan. 5. Assumption Contract with Contract for Deed or Land Contract: These types of contracts involve the seller financing the purchase directly. The buyer assumes the existing loan and makes regular payments to the seller, who acts as the lender until the debt is fully paid. Upon completion, the buyer receives the title to the property. (Note: The types mentioned above are examples and may not encompass all variations of the Travis Texas Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust.)
