Legal Question in Real Estate Law in North Carolina

I rent a home that the owner has agreed to owner finance for me to purchase but they have a mortgage and a $25,000 home equity loan against it. Would I still be able to purchase and transfer the deed?


Asked on 9/16/15, 10:56 am

1 Answer from Attorneys
Kenneth Love Ken Love Law

Yes, but this is very dangerous. In these agreements, a deed is not transferred to you until you complete paying off the loan and I have personally never seen one work out. I recommend trying to get a traditional mortgage or waiting until you are able to get one.

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Answered on 9/17/15, 4:53 am


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