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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,
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