Nevada 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
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
In a subject-to real estate closing, a buyer purchases a property ?subject to? the existing mortgage, meaning the mortgage remains in the seller's name, but the buyer takes over the mortgage payments and assumes control of the property.
Seller financing is an alternative to a traditional mortgage in which the seller finances the purchase, rather than a bank or other lender selling a mortgage to the buyer. It can be a helpful option in a challenging real estate market.
Contingencies can include details such as the time frame (for example, ?the buyer has 14 days to inspect the property?) and specific terms (such as, ?the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%?).
Mortgage or Financing Condition The financing condition clause protects the buyer in the case they are not able to secure a loan. This clause allows the buyer a predetermined period of time (usually 3-5 business days) to secure a lender that will issue a mortgage after the date the offer is accepted.
Buying a property "subject-to" means a buyer essentially takes over the seller's remaining mortgage balance without making it official with the lender. It's a popular strategy among real estate investors. When interest rates rise, it may also be an attractive financing option for general homebuyers.
With a purchase money mortgage, the buyer borrows from the seller in addition to the lender. This is sometimes done when a buyer cannot qualify for a bank loan for the full amount; so the seller "takes back" a portion of the purchase price as a second mortgage.
A subject to mortgage will have the buyer take control of the property and make payments to the seller, who will then pay off the mortgage in their own name. A good subject to mortgage clause should be viewed by a real estate attorney before any decisions are made.