Hello and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provided you with Excellent Service,
1. When you say "take over his mortgage", do you mean you will be making payments directly to the bank that holds his mortgage ?
2. Does the bank permit another party to assume the mortgage ?
3. Will your payments be applied to the purchase price ?
4. Did you provide for the contingency if you do not sell your house by the date specified in your Agreement with your friend that you will not lose the opportunity to buy the house and that your friend will keep extening the settlement for as long as you need to sell your house ?
The mortgage is to be paid to him and the total amount applied to the purchase of his home. I have three years to sell my home and already have a interested party. He has a seller assist mortgage.
Hi, Thank you for your additional information,
Without reviewing the document it is difficult to say whether an Agreement between two parties is an enforcible contract. Therefore, I will give you the requirements of a legally enforciblecontract and you can look for these elements in your Agreement with your friend.
In order to have a contract the following elements must be present:
1. Offer and Acceptance - Seller offers his house for sale, you accepted his offer;
2. Supported by consideration from both sides - Deed to the house from seller in exchange for purchase price from the buyer
3. Contract is for a legal purpose - Here, for the sale of the house
4. Both parties have the legal capacity to enter into a legally binding and enforcible contract.
All these elements are present, therefore, you have a legally enforcible contract. Providing for contingencies does not affect the validity or enforcibility of the contract,
Please be kind enough to rate my service to you as "Excellent Service",
Bonus and Positive Feedback are greatly appreciated,
Thank you for allowing me the opportunity to assist you,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).