Disclosure Regarding Real Estate Transaction
DISCLOSURE REGARDING REAL ESTATE TRANSACTION
This document serves as an explanation and disclosure regarding the property at ________________________________________________________.
The purchase of your property was made possible because we may be able to negotiate with the Lender/lenders to have them take less than what is owed as a payoff, or commonly referred to as a “short sale.”
In some cases, not always, the Lender with whom we negotiated will require you as the original mortgagor to pay the difference of what was remaining owed as a deficiency judgment.
We are disclosing the following:
This document in no way suggests or states that we promise to pay off the existing debt on the above property before the auction.
If negotiations are unsuccessful and we cannot close and consequently the property goes to sale, the sellers) agree to hold harmless _____________________
__________________________________________ and his, her, their, or its agents, servants, successors, heirs, executors, administrators and all other person(s), corporations, firms, associations or partnerships of and for any and all claims, actions, causes of action, demands, rights, damages, costs, loss of service, expenses and compensation whatsoever, which the undersigned now has/have or which may hereafter accrue on account of or in any way growing out of any and all known and unknown, foreseen and unforeseen from the sale of property located at ___________________________________________.
If the Lender refuses to honor the approved discount(s) and closing the purchase is not possible the property could go to foreclosure. If this occurs the seller agrees to hold harmless the buyer, trustee or agents.
In the event the short sale is successful and there is no deficiency judgment the discount received may become a taxable event to you. This may or may not be disclosed or followed through by your Lender.
The buyer in no way is acting as a “Foreclosure Consultant” and has not promised they would guarantee payments, guarantee to bring the loan current, guarantee that the property will be paid off or kept out of foreclosure.
You understand title to your property has transferred and you no longer have any ownership interest in the property.
It is being disclosed that without the buyers’ intervention, the seller acknowledges the property would be lost at the foreclosure. In no way has the buyer made any shallow promises or guarantees.
The buyer has the ability to re-sell said above property through a contractual interest or as principle owner and holder of the deed and is not acting as a Real Estate Broker or Agent.
It is not buyer’s intention to defraud but provide a more positive outcome than a foreclosure.
THE UNDERSIGNED HAS READ THE FOREGOING RELEASE AND FULLY UNDERSTANDS IT.
Signed, sealed and delivered this _______ day of ____________ 20 ___________.
______________________________ ______________________________
Witness (Seller)
______________________________ ______________________________
Witness (Seller)
______________________________ ______________________________
Witness (Buyer)
STATE OF
COUNTY OF
On the ______ day of _________________, 20 __________, before me personally appeared __________________________________________________
To me known to be the person(s) named herein and who executed the foregoing Release and who acknowledge to me that they have read the foregoing release and understands the contents thereof and that they voluntarily executed the same.
My term expires: __________________ ______________________________
Notary Public
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