Agreement /
SELLER: ______
PROPERTY ADDRESS:
I HEREBY ACKNOWLEDGE that I have read the following disclosures and understand and agree to each statement:
1) That the mortgage on this property contains a due on sale clause which means that the lender has the right to call the entire note due and payable upon transfer of title.
2) That I, as the owner of the property, shall remain personally liable to the lender until my mortgage is paid off or assumed by a future known or unknown purchaser.
3) That the party accepting conveyance, , (hereinafter referred to as “Party to Title”) has made no assurances and/or guarantees that my mortgage payments will be paid in a timely manner nor that my mortgage loan will be assumed or paid in full.
4) That the Party to Title has agreed to negotiate with my mortgage holders, whom have a valid lien against the property, in order to obtain a short sale. Short sale meaning that the lender shall accept a lower payoff amount from the original amount in order to pay the loan in full and avoid further costs.
5) That my mortgage holder, even after agreeing to a short sale, may require that the difference between the original balance and the negotiated balance (short sale) be paid by me and hold me personally liable for such payment. Should the mortgage holder not require payment of the difference, such act may constitute a taxable event and I have been advised to contact a CPA.
6) That my mortgage holder may refuse to honor the negotiated balance and continue with foreclosure proceedings.
7) That ______has the absolute right to resell the above referenced property through a contractual interest dated ______or as a principle owner and holder of the Deed and is not acting as a Real Estate Broker.
8) The owner hereby holds the Party to Title or party that has a contractual interest in said property and/or their heirs, assigns, or corporation and trustees or any future acceptor of this conveyance, harmless and fully indemnifies same (including but not limited to attorney’s fees and costs, whether suit be brought or not, and at trial and all appellate levels, court costs and all other litigation expenses), with respect to the matters set forth herein.
9) This property is currently in foreclosure and the debt exceeds the current fair market value of the property. The buyer has not made any promises as to the likelihood of success in obtaining a short sale or in selling the property. If buyer is unsuccessful for any reason in obtaining a short sale and/or selling the property for a profit, then the property will likely go to foreclosure.
10) That, as the owner of the property, agree to pay the party accepting conveyance (party to title), a fee ranging from $1,000- $39,000 for their acceptance of title and service provided to negotiate my debt on the property. The final amount owed to the party accepting title will be directly determined by the discount the lender agrees to accept, as negotiated by the party to title. The party to title will receive a fee equal to the net difference between the amount negotiated as a final payoff to the lender (which is alsothe purchase price the party to titleis buying for)and theamountthe property is sold for, by theparty to title, including all improvements made to the property.
11) It is a privilege and not an entitlement for a lender to accept less than what is owed and to forgive ANY amount of debt. I had made a promise to repay a mortgage that I am now currently in default on. If negotiations are unsuccessful with the lender and a reduced payoff is not consummated by the party to title, I will owe the party to title NO fee and will have no further obligations to them. Further more, the foreclosure action, which is already under way, will continue.
12) The owner hereby has a 3 day right of rescission to cancel this agreement. The agreement starts the date this document is signed.
ACKNOWLEDGEMENT
Before me personally appeared ______to me well known and known to me to be the person described in and who executed the foregoing instrument, and acknowledged to and before me that he executed said instrument for the purposes therein expressed.
WITNESS my hand and official seal in the State and County aforesaid, this___ day of May, 200_.
______
______Witness
______Witness
State of )
) SS: , ____, 2007
County of )
I Hereby Certify that on this day, before me, , the undersigned officer, personally appeared ______to me known as (or satisfactorily proven to be) the person(s) described herein and who executed the foregoing instrument and Acknowledged before me that he executed the same as his free act and deed.
Notary Public
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