Deed Of Sale Assumption Of Mortgage

Deed Of Sale Assumption Of Mortgage Template for United States

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Key Requirements PROMPT example:

"Need a Deed of Sale Assumption of Mortgage for a commercial property in Florida, where the buyer will assume my existing 3.2% fixed-rate mortgage with Wells Fargo, with the transfer to be completed by March 2025."

Document background

A Deed of Sale Assumption of Mortgage is utilized when a property buyer wishes to take over the seller's existing mortgage rather than obtaining new financing. This document is particularly relevant in situations where the existing mortgage has favorable terms or when new financing might be difficult to obtain. The document must comply with U.S. federal regulations including TILA and RESPA, as well as state-specific property laws. It typically includes detailed information about the property, original mortgage terms, current balance, and specific conditions for assumption. The document becomes especially important in markets with rising interest rates where assuming an existing mortgage might be more advantageous than securing new financing.

Suggested Sections

1. Parties: Identification of seller, buyer, and current mortgage holder

2. Background: Details of original mortgage and current status

3. Definitions: Key terms used throughout the document

4. Property Description: Legal description of the property being transferred

5. Mortgage Assumption Terms: Details of the mortgage being assumed including balance and terms

6. Transfer of Title: Terms of property transfer

7. Representations and Warranties: Statements of fact by both parties

8. Execution: Signature blocks and notarization

Optional Sections

1. Due Diligence Period: Optional section detailing the time allowed for buyer to review property condition and conduct inspections

2. Seller Financing: Optional section specifying additional financing terms provided by seller beyond the assumed mortgage

3. Property Management: Optional section outlining terms for managing rental property when the property is income-producing

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of property including boundaries and easements

2. Schedule B - Original Mortgage Document: Copy of original mortgage agreement being assumed

3. Schedule C - Current Mortgage Statement: Recent mortgage statement showing current balance and payment status

4. Schedule D - Property Inspection Report: Results of property inspection if conducted during due diligence

5. Schedule E - Lender Consent: Written consent from mortgage holder authorizing the assumption

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Agreement

Effective Date

Clauses

Relevant Industries

Real Estate
Banking
Legal Services
Property Management

Relevant Teams

Legal
Real Estate
Finance
Compliance
Operations

Relevant Roles

Real Estate Agent
Mortgage Loan Officer
Real Estate Attorney
Property Manager
Title Officer

Industries

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about mortgage terms and costs to borrowers during assumption process

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting certain practices in real estate transactions

Garn-St. Germain Depository Institutions Act: Federal law that governs when lenders can enforce due-on-sale clauses and when mortgage assumptions are permitted

Equal Credit Opportunity Act: Federal law prohibiting discrimination in credit transactions, including mortgage assumptions, based on race, color, religion, national origin, sex, marital status, or age

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions, including mortgage assumptions, based on protected characteristics

State Property Laws: State-specific laws governing real property transfers, ownership rights, and title requirements

State Recording Requirements: State-specific rules for documenting and recording property transfers and mortgage assumptions in public records

State Real Estate Transfer Laws: State-specific regulations governing the transfer of real property, including any transfer taxes or documentary stamps

State Mortgage and Foreclosure Laws: State-specific regulations governing mortgage terms, enforcement, and foreclosure procedures

State Deed Requirements: State-specific formal requirements for deed preparation, execution, and recording

Local Recording Requirements: County or municipal-specific requirements for recording property transfers and mortgage assumptions

Existing Mortgage Terms: Original mortgage agreement provisions regarding assumption rights and requirements

Lender's Assumption Requirements: Specific criteria set by the current mortgage holder for approving the assumption of the mortgage

FHA/VA Requirements: Special requirements for assuming FHA or VA-backed mortgages, if applicable

Due-on-Sale Clause Provisions: Specific provisions in the original mortgage regarding the lender's right to accelerate the loan upon property transfer

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