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Purchase Money Mortgage Agreement

Purchase Money Mortgage Agreement Template for United States

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Key Requirements PROMPT example:

Purchase Money Mortgage Agreement

"I need a Purchase Money Mortgage Agreement for a residential property purchase in California, where the seller will be providing 30% of the purchase price as seller financing, with a 10-year term and 5% fixed interest rate, closing planned for March 2025."

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Document background
The Purchase Money Mortgage Agreement is essential in real estate transactions where the property purchase is financed either by the seller or a third-party lender. This document is commonly used across all U.S. jurisdictions when buyers need financing to complete a property purchase. It establishes the lender's security interest in the property, outlines payment terms, and provides remedies in case of default. The agreement must comply with both federal regulations and state-specific requirements, making it a crucial document in protecting both lender and borrower interests while ensuring legal enforceability of the mortgage.
Suggested Sections

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Background: Context of the purchase and mortgage arrangement

3. Definitions: Key terms used throughout the agreement including property description, loan amount, and other relevant definitions

4. Loan Terms: Principal amount, interest rate, payment schedule, and term of the mortgage

5. Security Interest: Creation and terms of the mortgage lien, including the property serving as security

6. Payment Terms: Payment obligations, methods, schedules, and late payment provisions

7. Default Provisions: Events of default, consequences, and lender's remedies

8. Covenants: Borrower's obligations regarding property maintenance, insurance, taxes, and compliance with laws

9. Representations and Warranties: Statements of fact and guarantees made by the borrower regarding their ability to enter into the agreement

Optional Sections

1. Prepayment Provisions: Terms and conditions for early loan payoff, including any prepayment penalties

2. Assignment Rights: Terms governing the transfer or assignment of the mortgage by either party

3. Environmental Provisions: Environmental compliance requirements and representations for the property

4. Escrow Requirements: Terms for establishing and maintaining escrow accounts for taxes and insurance

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment breakdown

2. Schedule B - Property Description: Detailed legal description of the mortgaged property and boundaries

3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and minimum coverage amounts

4. Schedule D - Required Disclosures: Federal and state-mandated disclosure forms and notices

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Truth in Lending Act (TILA) and Regulation Z: Federal law requiring disclosure of credit terms and governing mortgage loan origination practices

Real Estate Settlement Procedures Act (RESPA): Federal law regulating real estate settlement processes and requiring specific disclosures about settlement costs

Home Mortgage Disclosure Act (HMDA): Federal law requiring reporting of mortgage data and ensuring non-discriminatory lending practices

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending and ensuring fair access to credit

Fair Housing Act: Federal law preventing discrimination in real estate transactions and ensuring equal housing opportunities

State Property Laws: State-specific laws governing recording requirements, foreclosure procedures, and redemption rights

State Usury Laws: State-specific regulations on maximum interest rates, late payment penalties, and prepayment regulations

State-Specific Mortgage Requirements: State laws governing form and content requirements, notice provisions, and security interest rules for mortgages

State Consumer Protection Laws: State-specific laws regarding disclosure requirements, borrower rights, and cooling-off periods

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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