QUESTION
Prepare a Promissory Note and Security Deed. Is security deed mandatory? Seller has closing attorney, but they asked private lender closing document.
Asked on Nov 24th, 2011 on Real Estate - Georgia
More details to this question:
Could you prepare private lender closing documents?
Private lender is my friend which I am going to pay the interest and 1% of the loan amount at closing. After one month I will refinance.
1 ANSWER
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From a lender's perspective you want a security deed in order to insure that you can foreclose on the property in the event of a default. From a buyer's perspective you should not care. It is for the protection of the lender.
Answered on Apr 02nd, 2012 at 2:08 PM