Posted by asdf on December 12, 2000 at 15:27:11:
What is interesting is that in Sheets’ purchase contract examples he has filled in you will see in his addendum that he has subject to written in, yet he never explains the concept. Sheets likes to assume mortgages with the lenders approval. LeGrand would be one who likes to do subject to transactions without formal assumption.
Subject to means the sellers mortgage remains and you come in and take over the payments-without the lender’s knowledge usually so that the Due on Sale is not triggered. Bronchick has courses explaining contract legalities such as subject to(Nuts and Bolts course). You can order it on CREOnline.