§ 6.1-2.9:3. Disclosure of terms of assumption
A. An owner of residential real estate, improved by the construction thereon of housing consisting of four or less dwelling units, which is encumbered by a mortgage or deed of trust, shall have the right, upon written request to any holder holding such mortgage or deed of trust, to receive a written disclosure of whether such holder will permit a qualified purchaser to assume such mortgage or deed of trust, and, if the answer is in the affirmative, the following terms of such assumption:
1. The rate of interest to be assumed, which may vary with an exterior standard;
2. The balance of the escrow account, if any;
3. Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;
4. Usual limitations or requirements placed on the assumption; and
5. Other terms and conditions of the assumption deemed pertinent by the holder.
B. The holder shall state the time period during which the terms disclosed pursuant to subsection A of this section shall be valid, together with any limitations thereon.
C. Any such holder receiving such a written request from an owner shall respond in writing within ten business days of the receipt of the request.
D. Any such holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any twelve-month period may charge a fee, not to exceed fifteen dollars, for each additional request to be paid in advance.
(1982, c. 233; 1990, c. 7.)
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