What the comments are require to be subjected to the bank for taking house home
Answers
The ‘Subject to’ method is a convenient and customer friendly method of selling or buying properties.
This method work quicker because by following this process, people can by pass the banks resulting a brief and faster procedure.
Even the paperwork sorting for buying real estate can take only seven working days time.
By following this method you can avoid moving around the banks and by just transfer your bills to someone else is much convenient way.
'subject to finance' method : Making an offer 'subject to finance' is a standard practice in home purchase related contracts.
This clause provide you time to arrange a loan for the property that you intend to buy.
In such procedure you are buying.
This means that if your loan application is not sanctioned.In that case you have the liberty to refused, and can end the contract and not go further with the sale.
In such case although the buyer pays for mortgage, the seller has sole responsibility for the loan.
In the event of the property is sold subject to the loan the buyer is not liable to pay the lender, and original borrower is still primarily liable to the lender for repayment.
"Subject To" means when you purchase a property subject to an existing financing already running , along with any other liens already added or attached.
In this case You do not formally assume the loan through the bank.
People are often afraid of the ‘due on sale clause,’ also referred as ‘acceleration clause.’