Ohio 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
The home in its current state is worth $125,000. They want to sell their home because they're facing foreclosure. An investor pays them $25,000 in cash and takes over their mortgage payments, becoming the "Subject To" owner of the property so long as they continue to make the mortgage payments.
For example, suppose the seller took out a mortgage for $200,000. They had paid $150,000 of it before they decided to sell the home. The new buyers would then make payments on the remaining $50,000. Under a subject-to agreement, the buyer continues making payments to the seller's mortgage company.
That said, there are two common reasons a homeowner would consider using a subject to mortgage strategy: they either can't sell at the price they want, or they need to sell sooner rather than later. The former reason would suggest the homeowner has little to no equity and need to sell at a certain price?no exceptions.
One risk is that the seller remains legally liable for the mortgage even after they've sold the property. If the buyer does not make the mortgage payments, the lender may still be able to come after the seller for payment.
An owner financing contract is an agreement between the owner or seller of the property and the buyer. The seller agrees to finance the balance of the purchase price (not including the down payment) with the buyer making payments to the seller.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
A subject to mortgage is a way to buy a property without being legally responsible for the mortgage on the property. With a subject to mortgage, the property seller transfers legal title to the property to the buyer but the current mortgage on the property remains in place and in the seller's name.
