AFFIDAVIT OF ACKNOWLEDGEMENT AND HOLD HARMLESS FROM ASSUMPTaION OF DUE ON SALE

Hire a lawyer to prepare flawless transfer of third party form

No individual likes to involve in any kind of court case in their lifetime. Undeniably, it is very distressing for the people who are involved in the court cases. Most importantly, they have to shell out a lot of money on attorneys and waste their time by going to the courts until the conviction. However, many people like to settle their disputes outside the court before it is taken to the trail, but few people take the case to the court. So, while dealing with real-estate property or any assets or transferring your ownership rights to others, it is important to prepare an agreement and put everything on a paper. These papers stand as a concrete proof that you can submit to the court to prove your innocence.

However, one of the important documents that has to be prepared is transferred to the third party. Any minute error in this document, will put you in troubles. So, after preparing the affidavit  of  acknowledgement  and  hold harmless  from  assumption  of  due  on  sale, you need to show this form to a lawyer. These lawyers will make sure to correct the details that are in the wrong format. However, if you could not afford to hire a lawyer, you can download the form from the internet and take a print out and fill the essential details. This kind of form is prepared when the affiants are ready to sell their property to the buyer. The buyer should have the qualified criteria as stated in the agreement. Generally, the affiants will understand the buyer’s interest in buying this property to the third party buyers. Usually, if no buyer comes forward to purchase the property, then the third party buyer is assumed as the future purchaser of the property in the affidavit  of  acknowledgement  and  hold harmless  from  assumption  of  due  on  sale. Most importantly, this agreement has to be signed by the affiant, buyer, and witnesses and should be attested by the notary public.

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AFFIDAVIT  OF  ACKNOWLEDGEMENT  AND  HOLD
HARMLESS  FROM  ASSUMPTION  OF  DUE  ON  SALE

STATE  OF ___________________________
COUNTY  OF ___________________________

BEFORE ME, the undersigned authority, on this day personally appeared ___________________________ who being first duly sworn, depose and say that:

Affiants have voluntarily agreed to sell property located at _________________________ to ___________________________ (“Buyer”).

Buyer has pointed out to Affiants the language in the ___________________________ recorded in Deed Book(s) ___________________________, Pages ___________________________; and in Deed Book(s) ___________________________, Pages ___________________________ in the official records of ___________________________ county, ___________________________ concerning the requirement that the lender approve, and be notified of, any assumption or transfer of title to the property.

Pursuant to Affiant’s directions, the Buyer shall not notify the lender of this transaction.  The Buyer has advised Affiants to consult with legal counsel with regard to ascertaining  potential liabilities.  Therefore:

Affiants hereby hold Buyer (and/or assigns or nominees) harmless in the event the lender should mature the indebtedness or take any other actions it is permitted under the terms of its security instruments because of Affiant’s instructions to Buyer not to notify the lender of the sale of the herein referenced real estate.

In no way is this transfer entered into for the purpose of hindering, delaying or defrauding creditors.

Affiants understand that the loan(s) will stay in the current borrower’s name until it/they is/are paid off.  Affiants are aware that the Buyer does not intend to assume said loans or pay off said loans.  Affiants acknowledge these loans and their statuses will appear on and be considered a part of the current borrower’s credit history.

Affiants acknowledge that Affiants will remain liable for the original note(s).

Affiants acknowledge that Buyer has not made and makes no representation that the loans will be paid off at any specific time.

Affiants expressly agree that this instrument may be treated as a defense to any action or proceeding that may be brought, instituted, or taken by Affiants or in their behalf, and shall for ever be a complete bar to the commencement or prosecution of any action or proceeding whatever against the Buyer and/or assigns, any future purchasers, mortgagees, title insurance companies, any heir, legal representative, assignee or any other person, entity or firm claiming by or through them.

FURTHER AFFIANTS SAYETH NOT.

_______________________________________________________________(Seal)
Affiant

_______________________________________________________________(Seal)
Affiant

Sworn to and described before me this ______ day of _______________, 20____.

____________________________________    _____________________________________
Witness                        Notary Public

(Seal)