“Seasoning” may mean “title seasoning”. It refers to the length of time title has been vested in the current owner. Some lenders require that title be vested in the seller’s name (seasoned) for at least 12 months. They believe properties that aren’t seasoned adequately have a higher likelihood of being inferior quality or simply overpriced.
“Subject to” might be used in a contract to make sure it’s clear to all properties involved that there IS, in fact, an existing mortgage. Just makes things clearer in case there is a dispute down the road.
I am still learning and have moved onto what I hope will be my second deal which hopefully will be easier than the first, which is still in transitional stage and sinking quickly.
First, please advise what is “seasoning”. I see postings using that word but can’t figure out its meaning.
Secondly, what is “subject to”. I know it means subject to an existing mortgage, but what is the purpose of using that language in a contract since I guess it’s a given that every buy is subject to the existing mortgage where one in fact exists.
I know these are not exciting questions, but if someone has the time to educate me or point me in the right direction, I will be very grateful.