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Updated almost 9 years ago, 01/26/2016

User Stats

37
Posts
29
Votes
Joshua H.
  • Pittsburgh, PA
29
Votes |
37
Posts

Buying a Property that has a line of credit open

Joshua H.
  • Pittsburgh, PA
Posted

Hello all! 

I've been looking for about 45 days trying to find an answer before bringing this to you guys. I am purchasing two properties and one has an open line of credit on them. I am purchasing them both under a land contract with a down payment. The owner says he will be paying it off.

Will this be an issue? How can I get the sellers attorney to include something in the contract that makes him pay the credit off? I read on BP to have the owner submit an annual/semi-anual  proof of payments.

THANKS IN ADVANCE!

-Joshua

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