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SAMPLE DOCUMENT Items in red will differ on actual mortgage. PURCHASE MONEY MORTGAGE Contract # LAND-000 Know All Men By These Presents: That the undersigned, John Doe and Mary Doe, Husband and Wife,

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How to fill out purchase money mortgage contract

01

Start by gathering all necessary information and documents for the purchase money mortgage contract, including the names and addresses of the parties involved, the property details, and the loan terms.

02

Begin the contract by stating the date and the parties involved, clearly identifying the borrower (buyer) and the lender (seller or financial institution).

03

Include a thorough description of the property being purchased, including the address, legal description, and any relevant zoning or land use designations.

04

Specify the purchase price and any applicable down payment or earnest money that has been or will be provided by the borrower.

05

Outline the terms of the loan, including the interest rate, repayment schedule, and any special provisions or conditions, such as adjustable rates, balloon payments, or prepayment penalties.

06

Include provisions for property insurance, property taxes, and any other relevant costs or fees associated with the property.

07

Clearly define the borrower's responsibilities and obligations, such as maintaining adequate insurance coverage, keeping the property in good condition, and timely repayment of the loan.

08

Specify any circumstances under which the lender may declare the loan in default and the remedies available to the lender in such cases.

09

Include any additional clauses or provisions that may be necessary or desired by the parties involved, such as provisions for additional collateral, escrow accounts, or early repayment options.

10

The purchase money mortgage contract should be signed and dated by all parties involved, and it is advisable to have the signatures witnessed or notarized to ensure their legality and enforceability.

Anyone who is involved in a property purchase, whether as a buyer or a seller, may need a purchase money mortgage contract. This includes individuals purchasing their primary residence, real estate investors, and financial institutions providing mortgage financing. The contract helps protect the rights and interests of all parties involved and establishes the terms and conditions of the loan and the purchase of the property.

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What is purchase money mortgage contract?

A purchase money mortgage contract is a type of mortgage agreement where the buyer borrows funds from the seller to purchase a property.

Who is required to file purchase money mortgage contract?

The buyer and the seller are both required to file the purchase money mortgage contract.

How to fill out purchase money mortgage contract?

The purchase money mortgage contract can be filled out by providing all the necessary information about the property, the loan amount, the interest rate, and the terms of repayment.

What is the purpose of purchase money mortgage contract?

The purpose of a purchase money mortgage contract is to outline the terms of the loan provided by the seller to the buyer for the purchase of a property.

What information must be reported on purchase money mortgage contract?

The purchase money mortgage contract must include details about the property, the loan amount, the interest rate, and the repayment terms.

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