ST Letter of Agreement Buy
Hire an experienced lawyer to prepare a professional ST letter of agreement
Are you planning to prepare an ST Letter of Agreement Buy form? Then, you need to hire an attorney to carry out the entire process of preparing the agreement without any legal jargons and in a right format. Generally, this is an agreement prepared between the buyer and seller, when the seller is selling his or her property that is under mortgage to the buyer.
In this ST Letter of Agreement Buy agreement, the seller states that the current loan is not paid off, but is sold to the buyer with the existing mortgage. Most importantly, the seller agrees that there is a loan taken on the property and has “due to sale” clause. This clause actually means that the lender possesses all the rights to transfer the title to the new buyer while retaining the loan on the seller name until the loan amount is paid off. This means that, the seller is assuring the lender that the buyer will make monthly loan payment and he/she will be responsible for the loan that has to be paid to the lender. Most importantly, this agreement includes a point that, that buyer has not given any assurance to the seller about when the loan amount will be paid off totally. However, this agreement has to be signed by the seller and attested by the notary public with the date.
Generally, this sales agreement is a kind of legal document that has to be provided by the seller to the buyer. This agreement has become mandatory today to settle the disputes in an amicable way. Most importantly, the prices and other details written in this document help both the buyer and seller to clarify their doubts in case of disputes. However, it is vital to seek the assistance of a lawyer to prepare this legal document without any legal knots. At times, the terms in the document would be in favor of the seller. To avoid such instances, hiring a lawyer is a good idea.
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