I’m past the theoretical stage… - Posted by Bud Branstetter
Posted by Bud Branstetter on December 12, 2000 at 09:59:41:
Because you would be buying subject to there is usually not a formal closing and no title insurance. Someone will have to type up a deed for them to sign. Since you will probably be taking over a non-assumable loan you will do so in a land trust.
In addition to the comments about putting down the price I also add just what the owner will get, if anything. Those that buy subject to may add disclosures as part of the contract. After having several sellers default I make sure that I have verbage relating to what I am doing.