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The document is an Assignment, Assumption, and Amendment Agreement for a Section 8 Housing Assistance Payments Contract between the United States Department of Housing and Urban Development (HUD), a Seller, and a Buyer. It outlines the transfer of rights and obligations under the HAP Contract from the Seller to the Buyer, including compliance with physical inspection standards and financial reporting requirements. The agreement specifies that the Buyer assumes responsibility for the contract for 20 years, while releasing the Seller from future liabilities.

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Can a HUD contract be assigned?

Assignment or Assumption of Section 8 Housing Assistance Payment (HAP) Contracts. An Assignment or Assumption of Housing Assistance Payments (HAP) Contract is required when the property being sold is subject to a HAP contract, with or without mortgage insurance.

What is an assignment assumption and amendment agreement?

Assignment of the HAP Contract The owner may not assign the HAP contract to a new owner without the prior written consent of the PHA.

Which sales contract is used for a HUD property?

This Sales Contract, identified as form HUD-9548, must be prepared and transmitted electronically or manually in ance with the following instructions. Item 1: Enter Purchaser(s) name and complete property address. Item 2: Enter name(s) and style in which title will be taken.

Who has authority over the HUD?

The Secretary has power over the organization of the Department subject to certain legislative restrictions. The following positions are established by statute, including the Department of Housing and Urban Development Act (the HUD Act), 42 U.S.C. 3533: Deputy Secretary.

Can real estate contracts be assigned?

Assignable real estate contracts can also be a great tool for property investors. They allow investors to pass their purchase rights along to another party of their choosing. A typical purchase contract usually involves rehabbing, renting, or flipping a property.

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