- Joined
- Oct 22, 2008
- Messages
- 151
I have a seller who will sell their house for what they owe on it. I want to present them with a Ron-Legrand-style "Loan Take Over (Get The Title)". I`ve never done this type of deal before.
My question is... What paperwork should I present to the seller to get initial communication and agreement?
1) Should I present a Purchase & Sale Agreement with added clauses about taking over the existing mortgage (and keeping the mortgage in the seller`s name)? Then pass this Agreement to a lawyer to put together the Agreement For Sale documents?
2) OR do I bring specific Agreement For Sale documentation?
Has anyone in Ontario ever done this? Or maybe someone in Alberta can share what works in Alberta?
Thanks for any insight.
Aaron
PS. I’m going to the Ron Legrand event at the end of October, but the seller won’t wait 3 weeks for me to learn this.
My question is... What paperwork should I present to the seller to get initial communication and agreement?
1) Should I present a Purchase & Sale Agreement with added clauses about taking over the existing mortgage (and keeping the mortgage in the seller`s name)? Then pass this Agreement to a lawyer to put together the Agreement For Sale documents?
2) OR do I bring specific Agreement For Sale documentation?
Has anyone in Ontario ever done this? Or maybe someone in Alberta can share what works in Alberta?
Thanks for any insight.
Aaron
PS. I’m going to the Ron Legrand event at the end of October, but the seller won’t wait 3 weeks for me to learn this.