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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?
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 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.
The foregoing information is general information only and should not be relied upon to take, or fail to take, legal action. No attorney-client relationship is formed by this information. __The only manner to obtain complete and adequate legal advice is to consult with an attorney.__
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DisclaimerThe response posted is based upon the information made available and is not intended as a full and complete response to the question. The only manner to obtain complete and adequate legal advice is to consult with an attorney. No Q&A posting or other communication will be treated as confidential from this website and does not create an attorney-client relationship.