In an assumption of a loan of buyer promises to pay an existing debt. The buyer takes the title to home and assumes this responsibility of the seller’s mortgage payments.

There are many buyers out there, that will buy a home, “As-is” You are not required to give any information, if you are not asked, or if it is not written in a contract to disclose. Disclosure makes selling a home much easier, and hiding things like foundation issues, roof repairs etc. will just prolong if not altogether make your home unsellable.

Residential real property must also give purchasers a written notice containing their knowledge of the condition of the property and sets forth language that should be on that form, focusing on material defects.

We have a preliminary checklist for a subject-to transaction here. We would like to have all contracts and paperwork done prior to the date of closing. Things that are required included things like a valid driver’s license, and current mortgage statement if there is one.

The only conditions that needs to be met are the conditions of the contract, including payment, attorneys’ fees, etc. and the preliminary checklist to be completed before closing. We will need to meet with the parties selling the home, and we are available to answer any questions if there are any at that time.