“SUBJECT TO” mechanics, please?.. - Posted by Dmitry_PA
Posted by Dmitry_PA on July 15, 2001 at 23:31:36:
I have a seller who is very motivated and interested in just deeding me the property. The house is worth about $125K, the seller owes $117, and the seller is looking for somebody to take over the payments. I am willing to be the one to do so and then to sell the house on a lease/option. The seller’s payments are around $650, rents in this area are around $950…
Here is the question. I hear it all the time - take the deed if you can. How do you technically do it? How do you close these transactions? Do you do them yourself, or have title companies do it? What’s involved in a closing? How much do these types of closings cost? What do you sign up with the seller? Just a regular purchase agreement with “subject to” wording?
Please help me with these details… I am trying to get a step-by-step guide to a “subject to” transaction.
Thank you in advance.