Property Code 5.016

Are Wrap Mortgages legal? How can I sell my property and not pay off the loan?
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Wrap mortgages are absolutely legal. They are closed every day at attorney's offices and Title Companies all over Texas.
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In fact, Texas Property Code 5.016 SPECIFICALLY addresses "Conveyance of Residential Property Encumbered by a Lien". This speaks directly to Wrap Mortgages. One of the key's is that the buyer MUST know that he is buying a property that has a lien that is not being paid off and the lender must be given notice of the sale. We recommend that you disclose this in special provisions of your contract as well as a stand alone special addendum (we can provide it to you) in addition to having that addendum as part of your closing papers.
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For more information, contact.
Steve Skillern * 713-498-2349 Cell * 281-569-1816 Office * Steve@PrimeLoanServices.com