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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.
