It actually saves the seller money on transfer taxes as well. It really depends on what kind of mortgage the seller has. If he only has a small balance on the mortgage it will not make sense to do but if his/her mortgage it would be beneficial to both. I know a few lwayers that can make it happen if you are interested.
I meant to say “if his/her mortgage was about the same size or larger than your new mortgage it would be beneficial.”
It actually saves the seller money on transfer taxes as well. It really depends on what kind of mortgage the seller has. If he only has a small balance on the mortgage it will not make sense to do but if his/her mortgage it would be beneficial to both. I know a few lwayers that can make it happen if you are interested.
No disadvantage to the buyer – potentially huge cost savings if your bank is willing to do it.