Mortgage deed states who is lending who how much. There are different types but the most popular around here is a general warranty deed.
Mortgage Notes sort of tell the rules of the game. They state if it is an adjustable,balloon,fixed, interest only. Where the payment is to be sent, the address, all the basic details.
You would want to record both. I usually get my forms in a book called 301Legal Forms & Agreements. But they can be purchased from a book store to a home depot.
I haven't read Conti and Finkel's material but are you sure that they aren't talking about a performance mortgage? A mortgage that will guarantee the sellers performance of the L/O contract.
Mortgage deed states who is lending who how much. There are different types but the most popular around here is a general warranty deed.
Mortgage Notes sort of tell the rules of the game. They state if it is an adjustable,balloon,fixed, interest only. Where the payment is to be sent, the address, all the basic details.
You would want to record both. I usually get my forms in a book called 301Legal Forms & Agreements. But they can be purchased from a book store to a home depot.
Lori
[addsig]
I haven't read Conti and Finkel's material but are you sure that they aren't talking about a performance mortgage? A mortgage that will guarantee the sellers performance of the L/O contract.
Maybe they are talking about a Lease Option Memoradium, or some other vehicle to record that there is a lease option on the property.