The Buyer will be responsible for paying the difference between final negotiated seat license sales price and the current payoff amount due. For example: A financed listing has an asking price of $10,000, with a remaining balance owed to the Team of $7,000. If the Buyer and Seller negotiate a seat license sales price of $10,000, then the Buyer will pay $3,000 upfront and take over seller’s remaining $7,000 debt with the Team.
Once the seat licenses have been transferred to the Buyer, the Buyer will have the option to pay off the remaining debt amount due to the Team with no prepayment penalties, or to continue making the annual payments to the Team through the maturity date noted in the listing details.
Why is the financed amount approximate?
The remaining balance due is estimated by the Seller and does not account for daily interest accruals. Once an offer is accepted, and before the sale is placed under contract, PSL Source will obtain an updated payoff statement from the Team showing the exact current payoff balance due.
What happens if the financed amount is greater than the final negotiated sales price?
If the remaining financed balance owed to the Team is greater than the final negotiated Seat License sales price, then the Buyer will be reimbursed the difference by PSL Source once the Seat License transfer has been completed.
For example: A financed listing has an asking price of $10,000, with a remaining balance owed to the Team of $12,000. If the Buyer and Seller negotiate a seat license sales price of $10,000, then the Buyer will pay nothing upfront, the full $12,000 debt will transfer the Buyer, and PSL Source will reimburse the Buyer $2,000 once the Seat License transfer has been completed.