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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.
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.
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.
One way to significantly cut down on closing and recurring costs relative to buying a home is to buy a home subject to an existing loan. This basically means that you, as the buyer, unofficially take over the seller's existing mortgage payments.
Buying subject-to means buying a home subject-to the existing mortgage. It means that the seller is not paying off the existing mortgage. Instead, the buyer is taking over the payments.
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.
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%?).
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.