Legal Question in Real Estate Law in Iowa

bying house on contract

can the seller use the house as collateral if i am bying it on contract


Asked on 1/31/08, 10:16 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: bying house on contract

Yes, provided the contract does not prohibit it. I generally make sure the contract limits the amount of any mortgage. The seller needs to be sure the mortgage does not have a due on sale clause, which can be trigger by a contract sale.

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Answered on 2/01/08, 8:05 am


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