'Subject To' Credit Lines

General Real Estate Investing
1

Whats up guys,

What is the deal with taking over credit lines? Would it be safer to just get a land contract signed, put the deed in escrow and record a memorandum of contract? Shouldn’t I also insist that she close the account so she can’t borrow more? Any other ideas?

Thanks.

2

please clarify, do u mean a home loan with another lein that is an equity loan? if so, YES they need to close the equity line.

u have to get a CFD signed or there is no deal in legal terms, and yes record the deed so you are the legal and rightful owner of the property.