Form Hud-92266 - Application For Transfer Of Physical Assets (Tpa)

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U.S. Department of Housing
OMB Approval No. 2502-0275
Application for Transfer of
(Exp. 4/30/2019)
and Urban Development
Physical Assets (TPA)
Office of Housing
Federal Housing Commissioner
Public reporting burden for this collection of information is estimated to average 92 hours per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency
may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This information is completed and submitted to HUD by prospective purchasers of properties with mortgages either HUD-insured or HUD-held prior to
conveying the title. This form cites all the supportive documentation which must be submitted to HUD for approval. The information is used to closely
monitor the operation of the properties encumbered by mortgages which HUD insures or holds. The authority for this function can be found in the National
Housing Act and in the Regulatory Agreements between the Secretary of HUD and the mortgagor of each HUD related project. This information is required
to obtain benefits.
General Information
Preliminary Approval:
Use these instructions for overview and checklist purposes. HUD
Binds the mortgagor-seller and purchaser to take any steps necessary
Handbook 4350.1, Chapter 13, provides complete instructions. If
to reconvey the property to the mortgagor-seller if the terms of the
there appears to be a conflict between what is written here and the
preliminary approval are not met within 45 working days, unless the
Handbook, the Handbook governs.
Field Office gives a written extension.
HUD will prosecute false claims and statements. Conviction may
Binds the mortgagor-seller and purchaser to meet all other conditions
result in criminal and/or civil penalties (18 U.S.C. Sections 1001, 1010,
of the preliminary approval to include correcting any unsatisfactory
1012; 31 U.S.C. Sections 3729, 3802).
matter revealed in the review of items received for final approval.
Use this form for transfers of properties encumbered by mortgages
Requires that all Final Approval documentation must be recorded and
insured by HUD and for mortgages owned by the Secretary of HUD.
submitted to the Field Office within this 45 working day period
It must be executed by the purchaser, the seller, and normally by the
Twenty-Two Classes of Required Documents are expected to
mortgagee. It must be presented to the mortgagee for execution. If the
accompany the application:
mortgagee refuses, the reason must be given to HUD in writing.
1.
TPA Application. HUD- 92266 (This form)
Copies of correspondence to or from the mortgagee must be attached.
2.
Purchaser's Letter. “Purchaser” is defined to include all indi-
If the mortgage has not been finally endorsed for insurance, the
viduals purchasing as individuals or as principals in a joint
application will not be accepted without the mortgagee's execution. If
venture, all general partners in a purchasing partnership, or a
the proposal to transfer involves the creation of a lien against the
corporation.
property, the mortgagee must consent to the transfer.
The letter:
Avoid introducing amendments or deviating from the instructions unless
absolutely necessary to make the transaction effective. Nonconforming
must be signed by an authorized principal of the purchasing
documents and deficient information will delay the process.
entity; must describe in detail all financial consideration flowing to
the project and the mortgagor/seller as a result of the transfer;
When an Attorney's Opinion is required, do not use an attorney that
has an identity of interest with either the purchaser or seller.
must detail all funds allocated to project operations as well as
those funds designated for use in correcting the physical needs
The final paragraph of this application must be signed by the
of the project;
mortgagee in every instance where the transfer will result in the
creation of a lien against the project.
must state that if the project is HUD-insured the project mortgage
is current or will be brought current as a result of the transfer
HUD imposes a TPA fee of $0.50 per $1,000 of the original face
approval;
amount of the mortgage to cover the cost of legal, administrative, and
fiscal actions. Send the fee with the application.
must state (if the mortgage is held by HUD) that the mortgage is
either current or it must describe a plan for bringing the mortgage
Some transactions generally do not require a fee:
current. All workout plans must comply with HUD workout policies
(1) Substitution of individual general partners of a partnership/
in effect at the time the TPA application is submitted for Prelimi-
mortgagor; or
nary Approval.
(2) Assignment of 100 percent of the beneficial interest in a
3.
Purchaser's Certificate of Previous Participation (HUD form
passive land trust that holds title to the project, if the assign-
2530) must be filed for all general partners and all individuals and/
ment does not result in a change in the control of the project.
or entities who own an interest in the project of 25 percent or more
Some transactions involving multiple transfers may be subject to more
or who own 10 percent or more of the corporate stock of the
than one TPA fee, such as transactions involving two transfers of title
corporation purchasing the project.
by deed. The HUD Field Office manager (after consulting with Field
4.
Purchaser's Resume(s).
If the purchaser has no previous
Counsel) will make the determination.
participation with the HUD Field Office where the application for
If the Field Office manager determines that a transaction or series of
transfer is submitted. Resumes are required for each principal of
transactions have been structured to avoid paying the TPA fee, the
the purchaser and should be in sufficient detail for HUD to
application will be rejected. New application(s) will not be accepted
understand the nature of their real estate experience.
until the required fee(s) have been paid.
5.
Sources and Uses of Fund. This shows all expected sources of
Preliminary Approval Process
funds and all expected uses of these funds. A suggested format
The Field Office immediately gives the applicant a written acknowl-
is in Appendix F. Modification is acceptable as long as details are
edgment of receipt and begins a completeness review. The Field
not omitted or items are not combined. All purchasers are
Office shall determine if the application should be returned or if the
required to include a sources and application of funds. There
missing pieces should be requested and processing delayed.
are no exceptions.
The Field Office then reviews other HUD reports to determine accepta-
6.
Executed but Unrecorded Sale Contract, Option Contract or
bility of transfer.
Land Contrac.
Submit the applicable sale document in its
entirety.
If the
instruments are in order, the Field Office gives a written
preliminary approval. If some changes are necessary, a conditioned
approval will be given which authorizes execution of documents not
requiring changes.
form HUD-92266 (12/91)
Page 1 of 3
ref Handbook 4350.1

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