subject to

[Stan Plebanek]

I have read many of the posts here about subject to deals. I understand the concept but would love to hear the nuts and bolts of the deals. I assume the contract says subject to the existing mortgage dated XXXX with a balance of approximately $X. Then when you get the title policy it has one exception for the existing mortgage. You get a limited poa from the seller to deal with the bank. You send the seller a 1099I to claim your interest paid and flatten their situation?

Is this pretty close or am I getting some of the details wrong?