Posted by chan on October 08, 2003 at 12:29:47:
You just add an addendum to your contract that
says something like:
“I _____ the seller aware that there is a due on sale
clause on my mortgage/note and that this transaction
(subject to) may cause the loan to be called due. I
will not hold the Buyer responsible for it if that happens…”
Please DON’T quote me…I’m not an attorney…just
somebody who wants to help other fellow investor
friends.
“Subject to” questions - Posted by Martyv
Posted by Martyv on October 04, 2003 at 05:56:00:
I make my living as a real estate agent just collecting the commissions by helping other people get good deals.
Finally am looking into investing in property on my own and am changing the way I look at “subject to” purchases. These are called “illegal wraps” in my area.
I can see that “subject to” purchases would open up a lot of good possibilities for investments but have a few questions.
If the answer to the above two questions is “yes”, I would need to disclose that to the seller. Does anyone have a good clause for that disclosure?
Re: “Subject to” questions - Posted by William Bronchick
Posted by William Bronchick on October 04, 2003 at 10:16:24:
Listen to the audio description of this under “Articles.”
Read my article about the due on sale under “Articles”
Re: “Subject to” questions - Posted by Martyv
Posted by Martyv on October 05, 2003 at 03:25:45:
I had read your article on due on sale clauses. That was my initial education…or “re-education”. I have since re-read it and you do quote the Utah reg requiring agents to disclose the ramifications to the seller. I haven’t listened to your audio article and I promise to do that.
Perhaps in that arcticle you talk about how to educate the seller on this without scaring him off??
I see that you have some videos and courses. Would the course on Land Trusts be the appropriate one for this question?