I do have some more questions now.

1) Who decides if the mortgage is assumable? sellers lender, seller, buyer?

2) If I ask the seller if his 1st mortgage is assumable and the rates are still profitable, how would I go about assuming it or officially assuming it?

3) I assume that officially means going to the sellers lender and getting them to transfer the mortgage? would we still have a normal closing in this case?

4) Lets say for instance there is a 100K condo. Seller has a 40K mortgage. I assume the mortgage, seller needs 50K cash at closing, can take 10K note over 5 years(second mortgage), How can I pay off the remaining $50K?

5) If i am assuming his mortgage I don't think I can get another 1st mortgage from the bank can I? How would this work?

6) Same scenario, 1st mortgage is not assumable seller can take 15K paper, Can I get a 90K 1st mortgage from lender, use paper as down payment, 5K of 1st mortgage for closing/cash at closing

7)Would this work in my area (Lower Mainland, BC)?

Thanks again