Montana Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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How to fill out Agreement To Purchase Condominium With Purchase Money Mortgage Financing By Seller, And Subject To Existing Mortgage?
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FAQ
A subject-to-finance clause is a condition commonly included in a contract for the purchase of property. It allows the buyer to acquire the property subject to obtaining satisfactory financing.
A subject to finance clause is a condition that is attached to the offer which effectively means the transaction will go ahead if the buyer is able to get finance for the purchase of the property.
In its simplest form, the ?subject to? in a subject to mortgage refers to the loan that's already in place. When you purchase a property subject to, you are essentially buying the home subject to the existing mortgage ? that's really all there is to it.
A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction to occur between a buyer and seller.
Buying a subject-to home is attractive to buyers if they can get a lower interest rate by taking over payments. This arrangement poses risks for the buyer if the lender requires a full loan payoff or if the seller goes into bankruptcy.
"Subject-To" is a way of purchasing real estate where the real estate investor takes title to the property but the existing loan stays in the name of the seller. In other words, "Subject-To" the existing financing. The investor now controls the property and makes the mortgage payments on the seller's existing mortgage.
Although the buyer makes the mortgage payments, the seller remains responsible for the loan. When the property is sold subject to the loan the buyer is not liable to pay the lender, the original borrower is still primarily liable to the lender.