Subject To - Posted by Olin

Posted by TC on July 03, 2002 at 24:52:44:

here’s an example…
I’ll buy the house 'subject to the existing mtg’
U now own the property by simply taking over the loan!

Subject To - Posted by Olin

Posted by Olin on July 02, 2002 at 23:40:56:

I’m pretty new at this. Have been seeing references to a “Subject To” sale. Just what is this? Logic would seem to indicate that the sale is “subject to” some event or condition. Can someone elaborate on this a bit?

Thanks

Re: Subject To - Posted by nat

Posted by nat on July 03, 2002 at 22:00:17:

Olin,

Purchasing ‘Subject to’ give You the deed to the property and full ownership.you own the home and control the property all the obligation existing to seller is pass unto you,the Loan and the property…‘subject to’ the prevailing terms and conditions of the mortgage.
When you have the deed,the owner becomes previous owner and their name is NOT on the title at all. the owner remain on the loan agreement but legal title passes unto the Buyer.
when your buying ‘Subject to’ it’s gives you one thing we need CONTROL (from charlie Getthedeed) if you are not in control,then it is really not your business.

People, correct me if i’m wrong on my answer.

Nat