FSBO Contact Questionnaire

(When calling, say your name and I'm a real estate investor.) How firm is your price Is mortgage assumable Qualifying or non-qualifying PI or PITI Is mortgage assumable Qualifying or non-qualifying PI or PITI 1 story, 2 story, brick, frame, stucco, etc. Baths Why Just out of curiosity, why are you selling your house _ How much How much cash do you really need the day we close What What are you going to do with the money _ When When do you need to move _

Default

Default is defined as the nonperformance of a duty or obligation, whether arising under a contract or otherwise, such as the failure to make payment called for by a note. Default can also occur if the mortgagor fails to pay taxes, insurance premiums or otherwise breaches any of the covenants in the mortgage instrument. Default does not necessarily lead to foreclosure. After default occurs, lenders usually try to avoid foreclosing. Foreclosure action usually arises only after default has...

Mortgage

THIS INDENTURE, made as of the _1_ day of _2_ , by and between _3_ , hereinafter called Mortgagor, and _4_ , hereinafter called Mortgagee. WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of _5_ in lawful money of the United States, and has agreed to pay the same, with interest thereon, according to the terms of a certain note the Note given by Mortgagor to Mortgagee, bearing even date herewith. NOW, THEREFORE, in consideration of the premises and the sum hereinabove set forth, and...

Exculpatory clause

An exculpatory clause relieves the borrower of personal liability to repay the loan. Thus, if the borrower defaults, the lender can look only to the property foreclosure for recovery of the debt. In effect, the lender may not sue the borrower on the note or obtain a deficiency judgment, if sale of the property at foreclosure does not provide sufficient funds to cover the loan's balance. Obviously, borrowers prefer to negotiate loans with exculpatory clauses, but lenders are usually unwilling to...

Wrap Around Mortgage

This Mortgage Deed, made and executed the 1st, 3rd, 6th, etc. day of March, 1996, by Joe Buyer hereinafter called the Mortgagor which term shall include the heirs, legal representatives, successors and assigns of the said Mortgagor wherever the context so requires or admits, to Joe Seller hereinafter called the Mortgagee, which term shall include the heirs, legal representatives, successors and assigns, of the said Mortgagee wherever the context so requires or admits. WITNESSETH That for good...

Adjustable mortgage loan AML

In 1981 the Federal Home Loan Bank Board issued regulations incorporating both variable and renegotiable rate mortgages into adjustable mortgage loan regulations. An adjustable mortgage loan AML permits adjustment of the interest rate, which may be implemented through changes in the payment amount, the outstanding principal loan balance, the loan term, or any combination of these variables. FHLBB Res. No. 8-12069 1981. As with VRMs and RRMS, interest rates must be decreased as the index...

Participation Mortgage

A participation mortgage is a loan agreement that provides for a lender to receive part of the income from an investment in addition to the interest payments. Participation mortgages became popular during periods of high interest rates and are used by lenders to increase their yields. The participation feature enables them to share in the expected success of income-producing properties. It also, protects the borrower from abnormally high payments, if income projections are not realized. The...

Equity Sharing Escrow Agreement

Condition Transfer-Establishment of Escrow 1. Nonresident acknowledges that all documents relating to the transfer of a _1_ interest to Nonresident shall be held in escrow by _2_ , an independent third party, as Escrow Agent, for a period of _3_ months following the date of signing of the Equity Sharing Agreement. Transfer of said interest shall be contingent upon faithful performance by Nonresident as to all articles of the Equity Sharing Agreement. Said performance shall include, but not be...

Apartment Rules And Regulations

No birds, cats, dogs or other animals shall be maintained in or about the premises without the written consent of the owner, or his agent. 2. Ashes, garbage, sweepings, dirt, litter or refuse shall be wrapped and deposited in waste receptacles for that purpose. 3. The water shall not be left running in bathroom, kitchen or elsewhere in the demised premises, and all leaks shall be immediately reported to the caretaker. 4. Signs or placards shall not be posted in or about the demised premises...

Non Recourse Mortgage

THIS INDENTURE, made as of the 1st, 3rd, 6th, etc. day of, by and between, hereinafter called Mortgagor, and, hereinafter called Mortgagee. WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of 120,000 in lawful money of the United States, and has agreed to pay the same, with interest thereon, according to the terms of a certain note the Note given by Mortgagor to Mortgagee, bearing even date herewith. NOW, THEREFORE, in consideration of the premises and the sum hereinabove set...

Balloon Mortgage

THIS IS A BALLOON MORTGAGE AND THE FINAL PAYMENT OR THE BALANCE DUE UPON MATURITY IS 120,000.00 TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY TOE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE . THIS MORTGAGE DEED, made and executed the 1st, 3rd, 6th, etc. day of March, 1996, by Joe Buyer, hereinafter called the Mortgagor, which term shall include the heirs, legal representatives successors and assigns, of the said Mortgagor wherever the context so required or admits, to Joe...

Release clause

An acquisition and development loan obtained by a developer may be used to develop a number of building lots. Many such loan agreements contain clauses that allow the developer to release developed lots as security for the loan. In addition, a specified amount is paid back to the lender. Usually the amount that must be paid to obtain a release is greater than the proportionate amount of the loan allocated to the lot. For example, if a developer borrows 100,000 to develop 10 lots, the release...

Purchase money mortgage

The distinguishing characteristic of a purchase money mortgage is that the title and the mortgage are conveyed in the same transaction. The loan involved could be from a third party, and it could be a first mortgage loan. However, typically the purchase money mortgage is a second mortgage given by the seller to the buyer to partially finance the purchase through installment payments. Purchase money mortgages are common in all types of real estate purchases. In the purchases of raw land in large...

Residential Lease With Option

THIS AGREEMENT made and entered into on the _1_ day of _2_ by and between _3_ , hereinafter referred to as Lessor, and _4_ hereinafter referred to as Lessee. Lessors lease to Lessees all the goods and chattels detailed in the inventory designated as Schedule A annexed hereto and specifically made a part hereof, and also that certain dwelling house situated at and more particularly described as follows together with all appurtenances for a period of _6_ months to commence on the _7_ day of _8_...

Equity Sharing Lease Agreement

THIS AGREEMENT, made and entered into this _1_ day of _2_ by and between _3_ hereinafter referred to as Nonresident and _4_ hereinafter referred to as Resident . For and in consideration of the mutual benefits to be derived by each party, Nonresident hereby agrees to rent to the Resident that dwelling located at for a term commencing on the _7_ day of _8_ and monthly thereafter until the last day of _9_ after which time this Agreement is terminated without further notice. In consideration of...

Shared appreciation mortgage

A shared appreciation mortgage SAM allows a lender to charge a below-market periodic interest rate by sharing in the property's sale proceeds at time of sale or upon maturity of the loan. The payment to the lender upon maturity or sale is termed contingent deferred interest. The percentage share of the property's appreciation the lender will receive is established in the loan agreement. While there have been numerous advocates of SAM home loans, no large-scale program has been implemented. One...

Blanket mortgage

A blanket mortgage covers more than one parcel of land. Developers of subdivisions employ this type of mortgage, which permits small portions of the land residential lots to be paid off and released from the mortgage. This clause is known as a release clause, since the remainder of the land continues to be held as security for the loan. The percentage of the original mortgage that is released is usually smaller than the pro rata dollar amount. For example, the developer has a note for 100,000...

Mobile Home Lot Lease Agreement And Security Deposit Receipt

THIS INDENTURE, made this _1_ day of 2 between _3__ , hereinafter designated the Lessor, and 4 . hereinafter designated the Lessee, That the said Lessor does by these presents lease and demise unto the said Lessee the mobile home lot situated at _5_ , upon the following terms and conditions. 1. Term The premises are leased for a term of _6_ , commencing the _7_ day of _8_ , and ending the _9_ day of _10_ . IF THE ABOVE TERM IS MONTHLY, LESSEE HEREBY WAIVES THE RIGHT TO A TERM OF ONE YEAR OR...

Cognovit clause

This clause is considered to be a confession of judgment. If borrowers allow this clause to be included, they in effect give up their right to a day in court. It authorizes the lender's attorney to obtain a judgment lien against the debtor's real property. Without this clause, the lender must sue on the basis of the note and prove it to be in default. This clause allows the lender to increase the interest rate. Although an escalator clause in its most general sense could allow a lender to...

Residential Lease Agreement

THIS AGREEMENT made and entered into this 1st, 3rd, 6th, etc. day of March, 1996, by and between Joe Landlord, hereinafter referred to as Lessor and Joe Tenant, hereinafter referred to as Lessee 1. PROPERTY Lessor leases to the Lessee that certain residence described as 2. TERM The term of this lease shall be for a period of 6 months, 1 year, etc., commencing the 1st, 3rd, 6th, etc. day of March, 1996, and ending the 1st, 3rd, 6th, etc. day of March, 1996. 3. RENTAL Lessee shall pay unto the...