"Due-On-Sale" Acknowledgement And Agreement Form printable pdf download

"Due-On-Sale" Acknowledgement And Agreement Form

“DUE-ON-SALE” ACKNOWLEDGEMENT AND AGREEMENT

WHEREAS, __________________________________ Seller(s) and ________________

______________________ Buyer(s) or assigns, personal representatives, heirs,

successors have entered into a certain purchase and sales agreement date herewith, the

parties fully understand, acknowledge and agree on this _____ day of ______________,

20___, as follows:

1) Both Seller(s) and Buyer(s) are fully aware that mortgage(s)/deeds of trust securing

the property located at ______________________________ in the County of _______

_____________, State of ___________________ for the approximate amount of

$________________ will be paid on a monthly basis but will not be assumed by

Buyer(s), assigns, personal representatives, heirs, and successors or paid in full at this

time and that any underlying mortgage(s)/deed(s) of trust will remain in Seller(s) name

and may continue to appear on Seller’s credit report.

2) Buyer(s) agrees not to take any action that will cause lender to discover that title

has been transferred, however the lender may discover that title to property has been

transferred and demand satisfaction of loan(s) in full by “due-on sale” condition of the

loan(s) even though payments on this loan(s) were made on a timely basis.

3) Furthermore, the Seller(s) fully relinquishes all legal ownership for any rights and

privileges connected with the property described herein.

4) Seller(s) agrees to defend, indemnify and hold Buyer(s), assigns, personal

representatives, heirs, and successors harmless from any liability in the event that the

holders of the mortgages and/or deeds of trust on the aforementioned property are called

due and payable.

5) Seller(s) has read and understands fully the provisions contained in this agreement

and will not take action orally or in writing to cause lender to discover transfer of title.

Seller______________________________________

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"Due-On-Sale" Acknowledgement And Agreement Form