Subject To Existing Finance?

Senario:

FMV: 100K
Loan Balance: 90K
Offer: 1K subject to existing finance

Now on the purchase contract it states

"1. PURCHASE PRICE: The full purchase price shall be $____________________________________dollars payable Subject to existing loan.
"
is the full price: 90K, 91K or 1K. How have others worded this when giving the seller a promissory note for their equity?

Thanks.
[ Edited by rjones on Date 01/28/2004 ]

Comments(1)

  • nebulousd28th January, 2004

    91K

    price is always what the balance owed is plus what ever your giving them

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