help me fill in the blanks - Posted by amanda

Posted by David Alexander on July 25, 2001 at 23:47:49:

  1. PARTIES: ____________________________ (BUYER), and _______________________________(SELLER),
    which terms may be singular or plural and will include the heirs, successors, personal representatives and assigns
    of Seller and Buyer, hereby agree that Seller will sell and Buyer will buy the following property, upon the following
    terms and conditions if completed or marked. In any conflict of terms or conditions, that which is added will supersede
    that which is printed or marked.

  2. PROPERTY: Lot______, Block_________, ______________________________________Addition, City of
    ___________________________________, ________________________________County, Texas, known as
    _______________________________________________(Address): or as described on attached exhibit, together
    with the following items, if any, curtains and rods, draperies and rods, valances, blinds, window shades, screens,
    shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television
    antennas, permanently installed heating and air conditioning units and equipment, built-in security and fire
    detection equipment, lighting and plumbing fixtures, water softener, trash compactor, garage door openers with
    controls, shrubbery and all other property owned by Seller and attached to the above described real property. All
    property sold by this contract is called the “Property”.

    A. Earnest money deposit …$ _________________
    B. Balance due at closing …$ _________________
    C. Sum of financing described in Paragraph 4 below … $ _________________
    D. Sales Price (sum of any financing) … $ _________________

  4. Buyer is buying said property subject to any loan(s). 1st Lien - Balance of Approximately: $____________,
    Interest rate of: _____%, PI $/month, TI Escrow $/month. 2nd Lien - Balance of
    Approximately $ ___________, Interest rate of _______%, PI $ __________/ month, TI $ ______/ month.
    If the total principal balance of the loan(s) exceed an amount of $300.00 at closing, Buyer may terminate
    this contract and the Earnest Money shall be refunded to Buyer. Buyer’s first installment being payable on
    the first installment payment date after closing.

help me fill in the blanks - Posted by amanda

Posted by amanda on July 25, 2001 at 22:46:49:

Could someone tell me exactly how you would fill the wording here. (from Bronchicks form) And if you can’t guess i have never done a subject to.
Assume a seller has 1k in arrears and i want to take over the loan. Seller owes 65k.

PURCHASE PRICE. The total purchase price to be paid by buyer will be$____(?)
Subject to existing loan $_____(?)

I realize that is simple math but i guess i’m looking for verbage that will protect me from unknown 2nd’s or other liens. Thank you!