Creating a note?
Situation:
I have a property that I am selling. My buyer can only qualify for a 80% LTV loan.
I want to create a note for 10% of my equity.
Question,
How do I do this? Once it is created, how do I get it recorded on the title.
Thanks
Steve
You should seek advice from a real estate attorney. They can help you create a promissory note, which will be considered a lein against the property in question. The closing agent can record the document for you, or you can contact your county courthouse and ask how much it costs to record the document and what the procedure is if you record it with the courthouse.
Tanya