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 8 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.