As embodied in your deed of trust or promissory note, your lender typically has a legal right to accelerate your mortgage payments such that your entire mortgage balance is due immediately. Usually, this is triggered by non-payment or late-payment and may sometimes be referred to as a “due on sale clause.”
Historically, many loans issued by the Veterans Administration (VA) were assumable, which
meant that a seller with a VA loan could sell his/her home to a purchaser. Nowadays, most lenders do not provide assumable mortgage notes and require sellers to pay their balance when they sell their homes; new buyers will have to get their own loans and go through underwriting.
Usually, this is a very limited period or short-term mortgage that will serve as a “bridge” to a longer, more permanent, note. Bridge loans are popular in construction or new construction homes when builders are selling their homes to new owners during the construction phase.
Also known as an “escape clause” in a residential or commercial real estate contract since it gives one party, or both parties, an opportunity to cancel or renegotiate the contract based upon the satisfaction of a certain occurrence or non-occurrence. For example, a financing contingency is commonly seen in real estate contracts, which allows either party to renegotiate or cancel the pending real estate sales contract if the buyer can’t obtain a loan.
Representing buyers or purchasers, sellers, listing agents and selling agents of both commercial real estate and residential real estate for your full-service real estate needs, including: drafting both commercial and residential real estate contracts, negotiating commercial and real estate contracts, contingencies and agreements, reviewing closing documents and real estate paperwork and attending closing or settlements.
We can work with homeowners, developers and local governments on zoning issues or rezoning specific use requirements, including obtaining necessary permits and submitting paperwork for specific use permits.
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