Legal Question in Real Estate Law in Florida
picking up a purchase agreement
nov.2003 we signed a contract for a lease and purchase agreement.we paid $10,000 down, and $925 per month, $200 was to go to the back of the principle, and we had til 2013 to pick up the option. in gathering info to finance it into our name we found that the seller took out a 2nd mortgage in 2005 on the place. how will that affect our getting it financed, what will change, are we responsible in any way for the money borrowed on the 2nd mort. and CAN we even finance it now?
1 Answer from Attorneys
Re: picking up a purchase agreement
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Presuming you planned to get a new mortgage and not assume the Seller's existing mortgage(s), whether the Seller has one or two mortgages on the property has no bearing on you. The existing mortgage or mortgages will be paid and satisfied at closing. Neither mortgage should become your responsibility. Make sure you let your attorney or closing agent know about both mortgages on the property.
Scott R. Jay, Esq.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
