If I were to do a private mortgage, what would I have to do to file a lien on the property? Is it something relatively simple and inexpensive or is it relatively involved? Thanks, Gerry
Assuming that this is a second mortgage, go through a closing company, and have them file the lien. You WANT to file a lien to protect your investment. You would want to be sure of any other liens before you anyway.
Whatever you're doing, when you take a note, it's going to be secured by D/T or Mtg, in mtg states...and THAT is always recorded in deed records.
If you're not fully capable of drafting these docs, and most laymen are not, with exception of LPOs in title/escrow cos., for gosh sakes hire a lawyer or specifically direct escrow to prepare the note, D/T, etc. that YOU want...and the Deed that you've agreed to give to your buyer if it's a sale.
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Assuming that this is a second mortgage, go through a closing company, and have them file the lien. You WANT to file a lien to protect your investment. You would want to be sure of any other liens before you anyway.
Gerry,
Are you just looking to make sure you are protected in the event of default, or does someone owe you money, and you are trying to force payment?
Whatever you're doing, when you take a note, it's going to be secured by D/T or Mtg, in mtg states...and THAT is always recorded in deed records.
If you're not fully capable of drafting these docs, and most laymen are not, with exception of LPOs in title/escrow cos., for gosh sakes hire a lawyer or specifically direct escrow to prepare the note, D/T, etc. that YOU want...and the Deed that you've agreed to give to your buyer if it's a sale.
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