Need Purchse Offer Contract
I'm finally going tomorrow (I hope) to sign my first deal. I've collected every P/O form i could find but now i'm nervous. I'm in texas, just moved here a couple of weeks ago and haven't picked up any state specific forms yet. This one just kinda fell in my lap.
Anyone have a general puchase offer aggreement that they use in a subject-to scenario?
Much appreciated!
[addsig]
Sounds like you may have too many forms, none of which are specific to your state. My suggestion: 1) get a state specific form (hint: you can get a copy from a local realtor); 2) add language similar to the following in an addendum: Seller agrees that Buyer will be taking title to the property subject to the existing mortgage with XYZ Bank in the amount of X, recorded on page X, book Y of the public records of XYZ County, Texas". You might also want to have the seller sign a Due on Sale acknowledgment (assuming the underlying loan is not assumable) basically. The purchase price you would show on the contract would be the amount of the balance on the mortgage plus any other money (a/k/a U-Haul money) that you may be offering. Hope this helps.