Seller Financing Structure, When Bank is Still Owed
How would one structure a seller financed deal, if there is still a mortgage on the property with the bank? The buyer is the commercial tenant in a mixed-use 3-flat. The seller doesn't want to sell outright and take the tax hit at this time, the buyer likes this as they have less than 20% to put down. 

Is this essentially a lease to own?   
Would seller still hold title until buyer gets a traditional loan?  
How much of the monthly payment would be applied towards equity?  
What happens if buyer can't close by agreed upon date?

The deal is essentially $1,050,000 with $50,000 - $100,000 down.
[{"id": "inr2k8v", "text": "Well, you're not transferring the deed while there is still a lien on the property.\n\nSounds more like a purchas option. \n\nWhich side are you representing?", "replies": [{"id": "inr64op", "text": "&gt; Well, you're not transferring the deed while there is still a lien on the property.\n\nWhy not? Isn't that called \"subject to\" (or perhaps in OP's case it'd be a wrap around mortgage) ?", "replies": [{"id": "inr9a97", "text": "Due on sale. \n\nSubject to and wrap arounds aren't generally permitted by standard commercial documents anymore. You can only get away with it in SFRs because the true owner of the note is rarely the servicer doesn't really care.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "inromd1", "text": "Wraparound mortgage. Escrow a signed special warranty deed (or whatever your state uses) with release of lien and recording of the deed when ready to payoff. Keep in mind a wrap records as a 2nd mortgage and you are relying on the seller to make the payments and escrow taxes and insurance so there's risk. \n\nTalk to an atty..don't DIY this as there might be due on sale issues in the loan documents..shouldn't cost much to create docs for this however.", "replies": [], "depth": 1}]