Addendum To Contract Regarding Land Trust
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1
2ADDENDUM TO CONTRACT REGARDING
LAND TRUST
This
is
an
Addendum
to
the
Contract
of
Sale
Dated
_______________________________
by
and
Between
_________________________________________ as Seller(s) and
____________________________________________________
____
________________________________________________
as
Purchaser(s)
for
the
sale
of
property
located
at
____________________________________________________
___.
Notwithstanding anything to the contrary in the main part of the above
mentioned Contract, the parties agree as follows:
Settlement shall be completed by Seller(s) transferring title by Warranty Deed into a
land trust, naming __________________________ as trustee. All documents
necessary
for
establishing
the
trust
shall
be
prepared
by
_________________________________, who will be representing the
interests
of
the
Buyer.
Closing
services
will
be
performed
by
_______________________________.
The Purchaser(s) will be taking the property in trust subject to mortgage(s)/deed(s) of
trust/Security Deeds existing on the property and the underlying existing loans and
assumes no personal liability for said loans. Effective ________________,
20____, the Purchaser(s) shall begin paying all monthly obligations on the
underlying loans and for property taxes, assessments, homeowner's association dues (if
applicable) and any other expenses related to the property.
The Seller(s) is aware that this loan will not be paid in full at closing and may continue
to appear on Seller(s) credit file. Seller(s) will provide Purchaser(s) will loan payment
statements and written permission to contact the holders of any debt securing a deed
of trust on the property. Seller(s) agree to waive any remaining balance of taxes,
Mortgage Insurance and insurance escrows, if any, held by the lender(s).
Both Seller(s) and Purchaser(s) are fully aware that the mortgage(s)/deed(s) of trust
securing the property stated above contain provisions prohibiting the transfer of any
interest in the property without satisfying the principal balance remaining on the
underlying loans and/or obtaining the lender's prior written consent (i.e., a
"due-on-sale" clause), and that this transaction may violate said mortgage(s)/deed(s)
of trust.
Both Seller(s) and Purchaser(s) are aware that in the event said lender(s)
discover this transfer, the underlying loans may be called due and payable in full, and
if not satisfied, said lender may at it’s discretion begin legal proceedings to recover title
and ownership the property.
_____________________________
________________________
Seller
Date
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