2007-02-16 05:19:08 · 5 answers · asked by Porch Pig 1 in Business & Finance ➔ Renting & Real Estate
Free? I dont think so. You will need to determine what type of financing you want to give them. There are many types but the two most common ones are:
1.) Land/Real Estate Contracts
2.) Note and Mortgage
Both of these will require several different types of instruments to be completed and according to the laws of the State you live in. Once you acquire the forms you should consider having a local real estate legal begal complete it for you or in the least have them review them for you before you sign. Another method is to go to your local Title Company and ask them for forms.
Buena Suerte
2007-02-16 06:49:06 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
A mortgage is a legal lien placed on real property.
When a bank makes a loan, there are two instruments issued, first the loan document and the mortgage which is registered against the property.
When you make a loan to someone for real estate, ALWAYS place a mortgage against the property to insure repayment of the loan.
I have a couple of mortgages against some properties myself.
I can email you one that I've used if you like. Just let me know. If you want try Googling mortgage documents, or if you like go to a local bank and ask to see a blank mortgage document. Come up with some excuse to get it and usually they will let you have it.
Good luck.
2007-02-16 13:36:52 · answer #2 · answered by A_Kansan 4 · 0⤊ 0⤋
You're going to lend someone money to buy a house?
First, lets be clear that this is not a legal mortgage. It's a personal loan. As such, any special mortgage laws (like tax deductible interest payments) do not apply.
That said, there are plenty of templates for personal loans. What you might want to do is find someone that has a mortgage and see what the mortgage agreement looks like. As a personal loan, you latitude to alter terms as you and the lendee see fit.
2007-02-16 13:23:58 · answer #3 · answered by Jay 7 · 0⤊ 1⤋
You desperately need to hire a real estate attorney to handle this for you. Plan on paying $500-1000 for the creation of all the documents, recording, etc...
Do this FREE and plan on losing THOUSANDS!
You obviously don't know what you are doing, and it's just not smart to proceed without real expertise.
2007-02-16 17:18:12 · answer #4 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
A lawyer will have that. You really should not be doing this with out legal help
2007-02-16 19:03:00 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋