Subject To

A “subject to” sale is you agreeing to sell your property to us and allowing your existing mortgage loan to remain in place.  Any difference in the sales price we agree on and the balance on your mortgage will be paid to you.  This is basically us “cash you out” and “taking over payments”.

Closing and Associated Costs

We will pay all closing costs.  Closing will be handled by a local real estate attorney.  If required, we can close in only a few days, but the attorney will prefer us to give them a few weeks when possible.

Your Mortgage

Your existing mortgage will remain in your name though we will need access to the account.  In order to do this, we will need you to do the following;

  1. Give us online login access to the account

  2. Complete a change of address on the mortgage so that we receive all future statements and notifications. 

  3. Sign a power of attorney and a release of information form as it relates to your mortgage; this will be required by the mortgage company for us to work directly with them on your behalf.

Taxes, Insurance, HOA, Utilities, Maintenance, Repairs, and ESCROW Accounts

As the new owner of the property, we will be responsible for payment of all future cost associated with the property.  This is including, but not limited to, property taxes, homeowners insurance, homeowners association fees if any, as well as all maintenance and repairs needed now or in the future.  Any balance you have in an Escrow account with the mortgage company to pay any or all of these expenses will remain and will be assigned to us at closing.

Ownership Transfer

Ownership of the property is transferred to us just like any other sale.  Once the sale is completed, you will not have any further ownership interest in the property.