Legal Question in Real Estate Law in Florida

''Subject to'' existing mortgage

My father was given an offer on his home. It was explained that it would be a cash deal.

Under the ''Payment'' section of the contract, it says, ''see addendum'' approx. ''x'' amount. And

''Balance to close by cash'' at ''x'' amount.

The addendum states, ''Buyer will take title subject to existing mortgage.''

What sourt of risk would my father be taking if he accepted this? His house has been on the market for a few weeks and this is the first solid offer.


Asked on 11/05/08, 8:38 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: ''Subject to'' existing mortgage

Your father must still pay the mortgage note.

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Answered on 11/05/08, 9:53 pm


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