When it comes to buying or selling a property with outstanding mortgage, one of the most important documents involved is the deed of sale with assumption of mortgage agreement. This legal instrument outlines the terms and conditions that govern the transfer of ownership from the seller to the buyer, while also taking into account the existing loan that the buyer is assuming.
A deed of sale with assumption of mortgage agreement is typically used when the property in question has an existing mortgage that the buyer wishes to take over. This can be beneficial for both parties, as the seller can transfer the mortgage liability to the buyer and avoid any penalties associated with early repayment or default, while the buyer can avoid the lengthy process of applying for a new loan and potentially secure a better interest rate.
The agreement typically includes details about the property being sold, such as its address and legal description, as well as the names of the buyer and seller involved. It also outlines the terms of the assumption of mortgage, including the outstanding balance of the mortgage, the interest rate, the payment schedule, and any other relevant conditions.
To ensure that the deed of sale with assumption of mortgage agreement is valid and legally binding, it is important to seek the advice of a lawyer. They can help you navigate the process, review and draft the agreement, and ensure that all parties involved are aware of their rights and responsibilities.
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