Sometimes a real estate purchase agreement has to be amended before closing. Commonly the buyer has decided to purchase the property as an LLC or Limited Liability Corporation. At this point a contract has already been executed in the buyers name and not the LLC.
There a few ways to get this done depending on where you at in the process. Quite easily you use an addendum to the purchase agreement, signed by all parties naming the buyer as the LLC. At this point, the Escrow/Title company needs be notified of these changes as well.
Another option, provided your purchase agreement allowed for assignability, would be to Quit Claim Deed the mortgage to the Limited Liability Corporation at closing. Either on the day of closing or the day after. Your Title Attorney will be able to assist you in making that change and also recommend which would be best in your situation.
Get your Real Estate questions answered with James N Brown PA & Associates. Contact us at 561-838-9595