The Contract For Deed With Existing Mortgage is utilized in England and Wales when traditional mortgage financing isn't suitable or available for property buyers. This document structures an agreement where the seller continues paying their existing mortgage while simultaneously selling the property through installment payments from the buyer. It's particularly relevant in situations where buyers need alternative financing options or when traditional mortgages are challenging to obtain. The contract must carefully balance the rights and obligations of all parties while ensuring compliance with English property law, mortgage regulations, and financial conduct requirements. It includes detailed provisions for payment terms, property maintenance, default procedures, and the eventual transfer of legal title.
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1. Parties: Identification of seller and purchaser
2. Background: Context of the transaction and existing mortgage situation
3. Definitions: Key terms used throughout the document
4. Property Description: Detailed description of the property being transferred
5. Purchase Price and Payment Terms: Amount and schedule of payments
6. Existing Mortgage Provisions: Details of existing mortgage and responsibilities
7. Transfer of Title: Conditions for final transfer of legal title
8. Default Provisions: Consequences of payment default
1. Insurance Requirements: Property insurance obligations - include when specific insurance requirements need to be outlined
2. Property Management: Maintenance responsibilities during contract period - include when property management duties need clarification
3. Assignment Rights: Rights to assign the contract - include when assignment possibilities need to be addressed
1. Property Schedule: Detailed property description including plans and boundaries
2. Payment Schedule: Detailed payment terms and amortization schedule
3. Existing Mortgage Details: Copy of existing mortgage terms and conditions
4. Property Condition Report: Current condition of property at contract date
5. Title Documents: Copies of relevant title documents and searches
Relevant legal definitions
Agreement
Property
Purchase Price
Completion Date
Deposit
Existing Mortgage
Existing Mortgagee
Monthly Payments
Default
Interest Rate
Legal Title
Equitable Interest
Completion
Contract Period
Due Date
Encumbrances
Insurance
Land Registry
Maintenance
Payment Schedule
Permitted Use
Property Rights
Title Documents
Transfer Date
Vendor's Solicitor
Purchaser's Solicitor
Working Day
Completion Statement
Default Notice
Force Majeure
Improvements
Possession Date
Property Taxes
Term
Title Transfer
Property
Purchase Price
Completion Date
Deposit
Existing Mortgage
Existing Mortgagee
Monthly Payments
Default
Interest Rate
Legal Title
Equitable Interest
Completion
Contract Period
Due Date
Encumbrances
Insurance
Land Registry
Maintenance
Payment Schedule
Permitted Use
Property Rights
Title Documents
Transfer Date
Vendor's Solicitor
Purchaser's Solicitor
Working Day
Completion Statement
Default Notice
Force Majeure
Improvements
Possession Date
Property Taxes
Term
Title Transfer
Clauses
Parties and Recitals
Property Description
Purchase Price
Payment Terms
Existing Mortgage
Transfer of Title
Possession
Property Insurance
Property Taxes
Maintenance and Repairs
Default and Remedies
Assignment
Representations and Warranties
Termination
Title Covenants
Risk and Property
Notices
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendments
Registration
Costs and Expenses
Further Assurance
Land Registry Requirements
Property Restrictions
Mortgage Compliance
Default Interest
Early Repayment
Property Access
Improvements
Environmental Matters
Succession
Property Description
Purchase Price
Payment Terms
Existing Mortgage
Transfer of Title
Possession
Property Insurance
Property Taxes
Maintenance and Repairs
Default and Remedies
Assignment
Representations and Warranties
Termination
Title Covenants
Risk and Property
Notices
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendments
Registration
Costs and Expenses
Further Assurance
Land Registry Requirements
Property Restrictions
Mortgage Compliance
Default Interest
Early Repayment
Property Access
Improvements
Environmental Matters
Succession
Relevant Industries
Relevant Teams
Relevant Roles
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