Posted by John Merchant on July 24, 2003 at 09:35:13:
You should get a look at his contract to see its exact language. I’ve had people tell me that their contracts were non-assumable, only to look and find no such language.
Even if there was due-on-sale language, a L/O would work, also he could “wrap” his contract, have you agree to pay that much so as to cover his payments, etc. You’d want to record some kind of notice of interest, but probably wouldn’t want to be too specific in your recording so as not to alarm his lender.