Cash payment plus assumption of existing mortgage,
Cash payment plus assumption of existing mortgage
Assumption of existing mortgages the way of conveying the dues of the existing mortgages to the purchaser via a legal document that holds all the information of the cash payment plus assumption of existing mortgages. To make it more precise, If the purchaser is about to buy a property for about 2000$ and the seller already has a mortgage due of 1200$, the buyer pays 700$ for the equality of the mortgage loan. Thus, this gives a clear picture of the assumption of mortgages. It is also documented for the record of both the buyer and the seller with their knowledge of it.
This legal advice is documented for the benefit of the seller to make no dues to the mortgages. This document clearly states the date when the payments are made to the seller through the purchaser. It also has a clean record of the mortgages on the ongoing loan of that particular property, situated in the county or the state. The seller and the purchaser, both signs it only after the document is filled with the cash payment details and the mortgages due details from both the parties. This document needs to be preserved until any further steps by the purchaser and as a record to the taxation and revenue departments of that particular county or state. This is also a record to state that all the payments are paid to the seller, on or before the particular date that is fixed by the seller.
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