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Hello, I am about to lend money for the purchase of a house, however, I am not going to be the owner. What document do I need to have the buyer to sign, so he cannot sell the house later and take my money too? What document would PREVENT the sale of the house, until the amount owed has been fully paid to me? Thank you for your help.
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You’re essentially just giving a private mortgage. On what you’ve provided, I’d say you need to have a Note and a Mortgage that secures your interest to the property. Then record the Mortgage in the county where the property is located. This will secure your interest in the property since anyone that does a title search will see that you have an interest (Mortgage) in the property. If it is to be sold, you should be paid at closing; thereby, clearing the title and settling the outstanding Note and Mortgage. By the same token, in the Mortgage, you also work out the different variables, like what happens if there’s a default and the process details… for example, what notice prior to a foreclosure, etc. Probably not something you want to do on your own – an attorney can have this drafted up for you pretty quickly and affordably.
Answered on Mar 19th, 2014 at 4:40 PM