How do I 'Subject to'?

[James Dunn]

Hi everyone. I've got a property I want to purchase from a seller using the 'Subject To' strategy. I understand the basics of how it all works, but wonder what do you generally tell the seller when they ask what will happen if you don't pay the payments? With the property being deeded to you at the time of purchase, is it in the contract that if I fail to make payments it will be deeded back to the seller?

Once I understand the process a little better, I'll feel much more comfortable presenting the offer to the seller.

Also, does anyone have a decent Purchase Agreement contract that can be used in Illinois, or know where I can find one, ideally that covers 'Subject To' deals?