Second Most Important Thing All Sellers Should Know for Closing

Second Most Important Thing All Sellers Should Know for Closing

real estate closingSecond Most Important Thing All Sellers Should Know for Closing

Equity Line Credit Cards are Mortgages – Sometimes the title agent will ask the seller for the account information to obtain a payoff for a mortgage and the seller is confused as they paid off their mortgage years ago! Equity lines of credit are still technically considered a mortgage since the home is being used as collateral. Once the closing process has begun, the seller must make every effort to stop using the line of credit prior to closing. If they must use the card, the closing agent must be kept up to date as they have to obtain a new payoff. Once the closing is finalized, the seller cannot use their line of credit as the collateral is no longer theirs.

Contact the Orlando Real Estate Attorneys at Nishad Khan, P.L. for all your questions and answers regarding real estate closings in Florida.

The Orlando Real Estate Attorneys at the Law Offices of Nishad Khan P.L. serve clients with Residential, Commercial, and Investment Real Estate Transactions. Let our expertise in Central Florida Real Estate help you.