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Contract for the Sale of Residential Property with Assumption of Outstanding Mortgage
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Contract for the Sale of Residential Property with Assumption of Outstanding Mortgage Powered By Docstoc
					 Contract for the Sale of Residential Property with Assumption of Outstanding Mortgage

      Agreement made on the (date), between (Name of Buyer) of (street address, city,
county, state, zip code), referred to herein as Buyer, and (Name of Seller), of (street
address, city, county, state, zip code), referred to herein as Seller.

         Whereas, Seller is the owner of the lot or parcel of real property situated in (name of
city), (name of county), (name of state), and described in Exhibit A attached hereto and made a
part hereof. The real property consists of a residential site at (address of property), with
improvements on the property as follows: (description of improvements). Said real property is
hereinafter referred to as the Property; and

       Whereas, Seller desires to sell and Buyer desires to buy Property, for the purchase price
and on the terms and conditions set forth below.

       Now, therefore, for and in consideration of the mutual covenants contained in this
agreement, and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

1.     Purchase Price and Terms of Payment
       The purchase price for Property is $____________, which shall be paid as follows:

       A.      By cash in the amount of $ ______________ on the signing of this Agreement.

       B.     By assumption of an existing encumbrance on Property in the form of a (e.g.,
       mortgage or deed of trust) owned by (Name of Mortgagee), which Buyer expressly
       assumes and agrees to pay. The present principal balance outstanding on the
       (mortgage or deed of trust) is $ _______________.

       C.      By the giving of a purchase money (mortgage or deed of trust) to be executed by
       Buyer to Seller, securing Buyer's Promissory Note to Seller which is payable in equal
       installments of $ ___________, including interest, commencing on the (number) day of
       the month following the close of this transaction and continuing at monthly intervals on
       the same day of each successive month. Interest on said Note shall be ____% per year.
       The Promissory Note shall be in form substantially as set forth in Exhibit B attached
       hereto and made a part hereof. The Purchase Money (mortgage or deed of trust) shall
       be
				
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Description: This form is a sample of a contract for the sale of real property with the assumption of an outstanding mortgage.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),