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ok, that's the difference!
Posted by James [Email] (more from James) on Thu, 31 Mar 2011 08:47:35
In Reply to: Re: assumptions..., Tim, Thu, 31 Mar 2011 05:59:04
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here, you can just take over the mortgage to get the lower rate, but it still is a sale of property... all the normal legal documents, agent fees etc apply (taxes are based on broadband assessments, not triggered by sale, much to the displeasure of long term owners in booming neighbourhoods!)... usually the new owner wants a mortgage for a different amount (and term), so they blend + extend it... this is often positive for the seller who then breaks out of the mortgage mid-term without penalty if they don't need/want to port it to their new house... I would have assumed that that was also normal in the US (since US mortgage rules are generally more flexible)... I'm impressed that there was ever a situation where a sale wasn't triggered... kinda cool... I would have thought the legal consequences would be complicated though? I may be missing something here still...
(btw, not trying to refute your points, just an interesting tangent)
James...
posted by 69.63.61...
Posts in this Thread:
- Buying a house; how to collect the co-broker comission?, dmz789qqq, Sun, 27 Mar 2011 21:20:55
- Any other agents here?, ChrisP, Wed, 30 Mar 2011 05:16:04
- Found a solution..., dmz789qqq, Tue, 29 Mar 2011 12:50:46
- Re: Buying a house; how to collect the co-broker comission?, andym, Tue, 29 Mar 2011 08:25:36
- Let's make some things clear..., dmz789qqq, Mon, 28 Mar 2011 20:18:33
- Re: Buying a house; broker comission?, BobS, Mon, 28 Mar 2011 19:11:26
- Re: Buying a house; how to collect the co-broker comission?, BlueWhite, Mon, 28 Mar 2011 15:50:55
- Seller typically pays both sides, AdamD, Mon, 28 Mar 2011 07:10:23
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