These are the checklists related to Contract Deadline: Loan Transfer Approval Deadline.
This deadline relates to getting approval from the Seller's lender in the case where you're leaving the Seller's loan in place after Closing. It is rarely used and if you intend to buy where the Seller's loan will remain in place after Closing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.
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- Complete "Loan Transfer Approval Deadline" checklist
Complete the "Loan Transfer Approval Deadline" checklist:
- IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.