If I jointly own property and have a purchase-to-lease contact but the other co-owner took out a line of credit, what happens at closing if there isn’t enough money to pay off the other co-owner’s equity line?
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If I jointly own property and have a purchase-to-lease contact but the other co-owner took out a line of credit, what happens at closing if there isn’t enough money to pay off the other co-owner’s equity line?
Asked on November 16, 2012 under Real Estate Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If there is not enough money for the line of credit held against the other co-owner on jointly owned property that you are wriitng about which is subject to sale, in order the the deal to close the other co-owner must come up with his or own money to close the deal.
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