Assumption Of Loan Form - Oklahoma Real Estate Commission Page 2
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2Property Address ____________________________________________________________________________________
4. ESCROW ACCOUNT, INTEREST AND PAYMENTS.
A. The escrow account shall be purchased by Buyer at the time of Closing. Any escrow account shortage shall be paid by Seller.
B. Buyer will be required to show proof of Hazard Insurance acceptable to the Lender at Closing.
C. Unless otherwise provided, interest on the Mortgage described in this Contract, and Mortgage Insurance if applicable, shall be
prorated between Seller and Buyer. Seller shall pay these assessments through the day of Closing.
5. EXISTING VA FIRST MORTGAGE LOAN LIABILITY AND ENTITLEMENT:
A. VA approved Release of Liability is required prior to Closing.
is
is not required by this Contract prior to Closing.
B. VA approved Substitution of Entitlement
6. BUYER’S EXPENSES: In addition to any other charges or expenses required by the Contract to be paid by buyer, Buyer shall pay
at the time of Closing (unless otherwise provided in Paragraph 7 hereof): (a) the first year’s hazard insurance premium and flood
insurance premium if required by Lender, (b) Buyer’s recording fee(s), (c) transfer fee(s) not to exceed $ __________________,
and (d) other loan fee(s) required by Lender, VA or FHA.
7.
SPECIAL PROVISIONS:
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Buyer’s Signature
Date
Seller’s Signature
Date
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Buyer’s Signature
Date
Seller’s Signature
Date
(In the event of a counteroffer on an OREC
counteroffer form, Seller(s) does not sign)
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
Page 2 of 2
OREC ASSUMPTION OF LOAN (11-2015)
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