I briefly spoke with an RE attorney who advised me that most of the finer details of a transaction are worked out at the closing table. What I am curious to know is if that is the case, when purchasing a property subject to, would the subject-to addendum need to be signed "at the kitchen" table or is that something that is signed at the closing table?
I ask because the attorney seemed a bit surprised when I asked if they could write up an subject-to addendum for me, as if the addendum is just a minor detail. It didn't occur to me until now that perhaps he meant to say that it's something they take care of after the fact.
Not exactly, it certainly needs to be part of the original contract. Otherwise you're agreeing to buy all cash. I think you have a miscommunication somewhere with your attorney.
The "finer details" should never be worked out at closing, they should be defined by the contract, addenda, exhibits, etc.
All details should be addressed in the contract, addenda, exhibits, etc. upfront and any addenda or exhibits should be incorporated into the contract by reference. Otherwise, they don't exist.
If you wait until after you have a legal binding contract to ask the seller to sign a needed document, the seller will be within his/her right to refuse to sign and you'll be left in a very precarious position that will become one of the many horror stories posted on BP.
I'd agree with @Guy Gimenez
In fact, the DOS Due On Sale needs to be addressed at the kitchen table.
Seller is aware that the above stated loan contains a due on sale clause which means the lender can call the loan due upon the transfer of beneficial interest in trust, as Seller has agree to do in paragraph 2 hereunder. Seller agrees not to notify lender of such transfer and to hold Buyer harmless in the event lender calls the loan due and/or forecloses on the property for any reason.
Thanks for the replies. I will setup a meeting with the attorney to get more info.
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