Buying a house owned by a CC - should I worry?

[kds]

I have just found out that the house we are buying is owned by a CC. We are not buying over the CC, just one of the houses it owns.

My question is, is this a cause for concern? If the CC is in debt can some creditor come after the CC in 6 months time and try and reverse the sale? The other thing to note, is that the house's bond is still being paid off to the bank by the CC. Should that make me feel better?

 

[undesign]

If your are not taking over the CC you don't have to worry. It's a plain vanilla sales transaction.

 

[thedutchman]

yah, they are selling their assets so that doesnt matter and dont worry

 

[thatdamnJoe]

I have just found out that the house we are buying is owned by a CC. We are not buying over the CC, just one of the houses it owns.

My question is, is this a cause for concern? If the CC is in debt can some creditor come after the CC in 6 months time and try and reverse the sale? The other thing to note, is that the house's bond is still being paid off to the bank by the CC. Should that make me feel better?

Insolvency law only allows you to go after assets given away for less than its value. You pay the CC and get the property in return so no gicing away is taking place.

If they sold it to you for R1 however, things could get interesting...

 

[kds]

Thanks for the replies, I will sleep easier.

If they sold it to you for R1 however, things could get interesting...

Hehe - that would be interesting.