Legal Question in Real Estate Law in Texas

Subject To Loan Assumption

I have been trying to sell my home for 10 months with no luck. A local company says they will take over my loan payments and locate a tenant on a lease to buy option. I am wondering if this is an honest offer. What would happen if they stopped making payments? Are there any forms I should make certain are included and signed?


Asked on 3/31/07, 6:28 am

1 Answer from Attorneys

Re: Subject To Loan Assumption

It's a gamble. Who is to say that they will make the payments? You are on the hook if they don't. Also, what if they lease it to someone who trashes the place out? You are ultimately responsible. You can always sue them if they do these things, but is it a solvent company? Are there any assurances? Do they have a track record? References?

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Answered on 3/31/07, 10:31 am


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