I am looking into purchasing a property subject to the existing mortgage. I am curious of a few things 1.) Is it legal in Colorado? 2.) If so, what is the cost involved to get the contract drawn up?
The information provided is for general information and does not form an attorney-client relationship. See our .Bill HenryFounding Partner | 18 years of experience
Bill HenryFounding Partner 18 years of experience
Is it legal to purchase real estate "subject too" the existing mortgage. The short answer is yes, it is legal. But, it is a lot more complicated than that, there are significant risks and the lender does have rights. I recommend that before you spend a lot of money on this purchase you schedule a free case assessment with one of our real estate attorneys to discuss your options, things to be concerned about, risks, remedies, and how to mitigate as much risk as possible. As well as the costs involved in protecting your investment and the contract.
Disclaimer
The response provided is based on the available information and is not intended to constitute a comprehensive answer to the inquiry. The only manner to obtain complete and adequate legal advice is to consult with an attorney. Please be advised that no communication, including Q&A postings, through this website establishes an attorney-client privilege, and such exchanges do not create an attorney-client relationship and will not be treated as confidential. The information presented is general information only and should not be relied upon to take, or fail to take, legal action.
