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Updated over 6 years ago, 07/30/2018

User Stats

43
Posts
16
Votes
Jack Ni
  • Lonoke, AR
16
Votes |
43
Posts

Due on sale clause disclosure form?

Jack Ni
  • Lonoke, AR
Posted

Hi, I'm doing a lease option with the seller. I need a due on sale clause disclosure form so if the loan got call due he won't take me to court for credit damage or anything along those line.  Do you know where can I get one of those forms? or if you have one, can you sent me a copy please? 

If I have trouble finding this form, can I just write a contract like the one below and use as disclosure of due on sale and not to pursue legal action  ? it would be something like

"Lessee (Jack Ni) shall not be liable for any risk, damage, or accidents may cause to lessor (Josh) such as credit, health, natural disasters or any natural event that's out of Lessee control cause by this lease option." 

"Lessor (Josh) shall also not be liable for any risk, damage, or accidents may cause to Lessee (Jack) such as credit, health, natural disasters or any natural event that's out of Lessor control cause by this lease option" 

Lessor and Lessee both are aware of due on sale clause for the mortgage on 123  westwood, cabot and aware of the loan may be call due by the bank. Lessor and Lessee both agrees not to pursue any legal action if the mortgage was call due and not to seek any damage cause by this lease option against each other such as health, financial, credit and emotion.  

If you think there are better ways to put this or improvement need to be made, please let me know.