Anyone have a subject to contract example?

John...... What state are you in?

Every state may have difference when engaging in what we do.....

Also filling out your profile is crucial in order for others to help you and even guide you

Hi there!

I've been looking for the same thing. I'm in Las Vegas, NV. Any help would be appreciated!

Thank you~

Hey John,

there are several forms involved in the subject to process. If you are planning on using that strategy, I strongly recommend that you go to www.mikebutler.com and buy his Jumping Loan system. He teaches how to fly below the radar in order to keep the change of having a loan called to a minimum. He does tons of subject tos for about twenty years. His lawyer helped him develop the system. By the way all the forms are included, even a video watching over his shoulders as he fills the forms.

Good luck to you.

Thomas

P.S. Subject to is not against the law (they are even on the HUD 1 form on line 203), but in most cases it is against bank regulations (due on sale clause).

im in georgia.

PURCHASE & SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (“Agreement”) is executed this ___ day of ____________, 20__, by and between _________ of ___________, __________ (“Seller”) and _____________, of ___________, ___________ (“Buyer”).

REAL PROPERTY. Seller, in consideration of Purchase Price (defined below), hereby agrees to sell, transfer and convey, and Buyer hereby agrees to purchase, the real property commonly known as _____________________________, _______________, ____________ (“Real Property”), subject to the encumbrances and exceptions contained in this Agreement.
PURCHASE PRICE. The total purchase price of ______________ ($__________) is payable by the Buyer is as follows (“Purchase Price”):
Deposit $_____________
“Subject to” Existing Financing $_____________
Lender:____________________________________
Account No:________________________________
Interest Rate:_____% [] Fixed [] Variable
Monthly payment of $________ includes [] taxes [] hazard insurance [] principal [] interest.
Seller Financing $_____________
Interest Rate:_____% [] Fixed [] Variable
Monthly payment of $________ includes [] taxes [] hazard insurance [] principal [] interest.
Balance Due at Closing $_____________
TOTAL $_____________

http://www.deangraziosi.com/node/10010

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thank you for posting that. gonna look it over and see if i can incorporate it to what im doing. thanx.

the language below. I am not offering legal advice. Use the following at your own risk. Seek competent legal advice for your particular situation. Purchasing "Subject to " is an advanced strategy with inherent risks

Existing Financing: Buyer will be taking the property subject to deed(s) of trust existing on the property and the underlying existing loans and is not expressly assuming responsibility through a formal assumption of said loans. Commencing on _________________, 20____, the Buyer shall pay all monthly obligations on the underlying loans and property taxes, assessments, homeowner's association dues (if applicable) and any other expenses related to the property. Seller is aware that this loan will not be satisfied in full at closing and may continue to appear on Seller credit file. Seller will provide Buyer with loan payment booklets and written permission to contact the holders of any debt securing a deed of trust on the property. Seller will execute Limited Power of Attorney pertaining to the subject property. Both Seller and Buyer acknowledge that the deed(s) of trust securing the property stated above may contain a “due on sale” provision giving the lender an option to call the loan immediately due and payable if all or any part of the Property is sold or transferred without satisfying the said loans.

You should have your contracts looked over by an RE attorney!

Thank you for the example contract. Will take the advice of having it looked over by an attorney. This helps at least to get us familiar with the verbiage.

Have a great day~

If the homeowner's insurance is not included as part of the seller's monthly, make sure that you can make payments directly. If the seller default on insurance, it can come back to bite you ...