would like to seek your ideas and suggestions on my situation
Person A selling me her lot and consideration as follows:
1. I assume mortgage balance
2. I reimburse her for all monies paid onto property to-date (ie downpayment, principal portion of mortgage)
3. I pay for capital gains tax, DST and transfer fees
On item 1 above; I will takeout the mortgage by applying for a loan from the same bank where the property is currently mortgaged. doing so would save me on interest.
On item 2 above; Person A and I have agreed to settle the amount over a period of 24 months (gandang deal) without any interest.
The Problem/Help Needed
What contracts should we get into and how should these contracts look like given these parameters
A. That upon takeout of Person A's mortgage (item 1), my ownership of the lot immediately takes into effect.
B. That seller relinquishes any claims, authority, etc and is freed of any/all liabilities and obligations on the lot and the mortgage
C. full payment of item 2 is not a pre-condition/pre-requisite for me to assume ownership
Hope I piqued your interest enough and would appreciate your inputs and suggestions. and that we all stand to learn one way or another