Just supposing i found a vendor in Western Australia who was prepared to sell me their house subject to the existing mortgage. This would mean that i am going to take over making the payments but the laon stays in the name of the vendor.
Is this something the banks or financiers will look at and will I incur stamp duty.
I would appreciate any ideas. Thank you in advance.
I’m very interested in this topic. Does anyone have any experience in taking over the existing mortgage payments in NSW? This is common in USA using a Quit Claim Deed. I have a copy of a legal Quit Claim Deed used in USA, but lenders in Oz have told me they don’t want to know about 3rd parties paying off mortgage payments. One lender told me it was quite common but hush hush in the case where a family member would make payments on the loan of the other family member whose name is on the title and the loan. Lots of free brownie points to anyone who can contribute to this discussion
Innovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
0405 475 764I know this is v. common in US, but also under impression oz lenders hate it. My father investigated this ~5yrs ago, so my info is dated. ATTN mortgage brokers, is there info you can contribute??
StephOmitted info from above post….
My understanding of the situation is that as part of the contract, the party taking over the mortgage has a claim
(caveat/encumberance?? apologies for linguistic limitation)
placed on title after the original party is paid out. Sale usually negotiated on terms of $100K, $35k cash to vendor and take over $75K debt, therefore property “sold”
Omitted info from above post….
My understanding of the situation is that as part of the contract, the party taking over the mortgage has a claim
(caveat/encumberance?? apologies for linguistic limitation)
placed on title after the original party is paid out. Sale usually negotiated on terms of $100K, $35k cash to vendor and take over $75K debt, therefore property “sold”Innovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
0405 475 764Sale usually negotiated on terms of $100K, $35k cash to vendor and take over $75K debt, therefore property “sold”
Hi Stephanie, much appreciate your post as this is a crucial area for me. Can you elaborate on any knowledge you remember? What does the above sentence mean?
All the best
JackInnovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
0405 475 764
The topic ‘Taking over payments’ is closed to new replies.
