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Author: admin | Category: Calculator Car Loan | Date: 21.09.2015

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.
Generally, this sales agreement is a kind of legal document that has to be provided by the seller to the buyer. I understand and acknowledge that I am selling the property referenced above, and that my current loan will not be paid off at closing. I further understand and acknowledge the loan will stay in my name until it is paid off or assumed by a future buyer. I am aware that the above Buyer or their Assigns,  will make the monthly loan payments, however I will still be legally responsible to the Lender for the loan.
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.


Most importantly, the seller agrees that there is a loan taken on the property and has “due to sale” clause. I further understand and acknowledge that the Buyer is not applying to qualify and assume said loan, and that no promises have been made to me as to an exact date that the loan will be paid off.
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.
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.
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. I have been made aware and understand that my loan on the above property contains a due-on-sale clause which means the lender has the option to call the entire loan due upon this sale and transfer of title.


However, it is vital to seek the assistance of a lawyer to prepare this legal document without any legal knots. 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.




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