Hi, the vendor of a property that i purchased has a mortgage of $480,000. The purchase price was $720,000. is this a problem for the purchaser? please give reasons why. thank you

Dear Nerka,
The normal practice is that when a property is purchased, the mortgage is paid out by the purchaser's solicitors, from part of the purchase funds BEFORE the balance of funds are forwarded to the vendor.

So, as long as normal processes were followed, there should be no issues for the purchaser.

I hope this is helpful.

Graham