Category: Mortgages

Form-of-the-Week: Purchase Agreement for Note and Trust Deed, and Agreement to Hypothecate — Forms 241 and 242

A trust deed loan broker uses these forms when arranging the purchase by a trust deed investor of an existing trust deed note held out for sale to prepare an offer stating the price and conditions for purchase of the trust deed note, and when arranging a loan made by a trust deed investor collateralized by an existing trust deed note held by the borrower to prepare an offer by the investor for the borrower’s acceptance stating the terms and conditions for making the collateralized loan.

Read More

Form-of-the-Week: Personal Property Inventory, and Security Agreement For Note Secured by Personal Property — Forms 256 and 436

These forms are used by a seller’s agent or escrow officer when preparing a purchase agreement or counteroffer for a real estate transaction when the transfer of personal property is included and when on a carryback sale the price includes the transfer of personal property which together with the property sold will be security for the carryback note, to grant the seller a security interest in the personal property.

Read More

Form-of-the-Week: Agreement to Modify a Promissory Note, and Modification of the Promissory Note — Forms 426 and 425

These forms are used by a holder of a mortgage, their servicing agent or broker when arranging the modification of the mortgage note, to set forth the terms sought in the modification effort, to evidence the modification of the original note and state the change in terms of the note.

Read More