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Greater Pittsburgh Area Real Estate Investors
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 Post subject: Subject To's
PostPosted: Tue Aug 24, 2010 12:34 pm 
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Joined: Fri Mar 19, 2010 3:42 pm
Posts: 10
I'm potentially looking at taking over a property "subject to existing loan" and was curious is a normal closing involved or do I just get the deed signed over to me from my Seller and then record that at the clerk's office? I'm assuming (but not positive) that there are going to be transfer fees involved?

Thanks much for any help.


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 Post subject: Re: Subject To's
PostPosted: Wed Aug 25, 2010 6:56 am 
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Joined: Sun Jan 25, 2009 12:00 pm
Posts: 13
Location: Murrysville
If the seller is allowing you to take over the property subject to the existing mortgage, you will want to go through a settlement company and have a traditional type of closing with title insurance. The title insurance policy will just have an exception to the existing mortgage. Since this would be a normal type of transfer, your fees will include transfer stamps, recording fee, title insurance, and document preparation fees.

Mark Fichtner
Penn Pioneer Enterprises LLC


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