Common use of Financing Terms Clause in Contracts

Financing Terms. Cash Conventional VA FHA Other (specify) 24 Seller Financing: Seller will hold a purchase money mortgage in the amount of $ 25 with the following terms: ___________________ 26 Assumption of Existing Mortgage: Buyer may assume existing mortgage for $ plus ____________________. ______ 27 an assumption fee of $ The mortgage is for a term of years beginning in ______ ______ ______________________________ 28 , at an interest rate of % fixed variable (describe) . 29 Lender approval of assumption is required is not required unknown. Notice to Seller: (1) You may 30 remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your 31 lender to determine the extent of your liability. Seller will ensure that all mortgage payments and required 32 escrow deposits are current at the time of closing and will convey the escrow deposit to the buyer at closing.

Financing Terms. Cash Conventional VA FHA Other (specify) 24 Seller Financing: Seller will hold a purchase money mortgage in the amount of $ 25 with the following terms: ___________________ 26 Assumption of Existing Mortgage: Buyer may assume existing mortgage for $ plus ____________________. ______ 27 an assumption fee of $ The mortgage is for a term of years beginning in ______ ______ ______________________________ 28 , at an interest rate of % fixed variable (describe) . 29 Lender approval of assumption is required is not required unknown. Notice to Seller: (1) You may 30 remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your 31 lender to determine the extent of your liability. Seller will ensure that all mortgage payments and required 32 escrow deposits are current at the time of closing and will convey the escrow deposit to the buyer at closing.

Financing Terms. Cash Conventional VA FHA Other (specify) ___________________ 24 Seller Financing: Seller will hold a purchase money mortgage in the amount of $ __________________________________________________________________ 25 with the following terms: ___________________ 26 Assumption of Existing Mortgage: Buyer may assume existing mortgage for $ plus ____________________. _ ______ 27 an assumption fee of $ . The mortgage is for a term of years beginning in ______ ______ ______________________________ 28 , at an interest rate of % fixed variable (describe) . 29 Lender approval of assumption is required is not required unknown. Notice to Seller: (1) You may 30 remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your 31 lender to determine the extent of your liability. Seller will ensure that all mortgage payments and required 32 escrow deposits are current at the time of closing and will convey the escrow deposit to the buyer at closing.