Question by James: Can a buyer prevent a FSBO from refinancing a mortgage on the property that he has under a land cont?
Looking to purchase a property from a FSBO under a land contract that has an existing 3% equity line of credit mortgage, is there any way we can write the contract to prevent him from going behind our back and renewing the home equity line and or obtaining a new mortgage on the property, we are filing the Land contract at the county recorders office
Answer by Bill
That sounds like a potential legal nightmare. You need to have an attorney or escrow handle the deal and they will provide you with the proper contract to eliminate the exposures in question.
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