Posted by herbster on February 13, 2008 at 03:52:06:
Thanx Mike, no I wouldn’t draft my own Doc’s I simply want to know how and what the forms may consist of. I’m in the process of re-writing my solicitation letter because I recently lost a customer on a deal where they had to unload a house that was on a paid off free and clear property. It seems as though I couldn’t get them to believe that they could use a land contract for nothing.thanx herbster
Drafting Trust Deeds & Mortgages - Posted by herbster
Posted by herbster on February 12, 2008 at 09:37:44:
Thanks Mike to your reply on my last post. One other question though. I know how to draft a Land Contract, but I don’t know much about TD’s & Mort’s, I believe a promissory note should be part of these. How do I draft TD’s & Mortgages? As always I would consult an attorney for exact wording. Would the same terms apply to these as if it were a Land Contract? thanx very much you’ve been great help.Herbster
WHY - Drafting Trust Deeds & Mortgages - Posted by Michael Morrongiello
Posted by Michael Morrongiello on February 12, 2008 at 21:22:26:
Herbster:
Mortages, Trust Deeds, Land Contracts, Notes, Assignments, Transfers of lien, satisfactions, releases, etc.
I believe that until you really are comfortable about what these various instruments are, how they function, what gets recorded, notarized, etc. - you should leave the actual drafting of the documents to a competent professional.
This is especially true the fist dozen or so times out of the box.
At some future point in time - then and only then might you consider drafting your own docs.
To this day we DO NOT DRAFT docs when purchasing new, unseasoned deals. We rely on local attorneys, escrow agents, etc. who are familiar with the state statutes, recording customs, and other nuances to perform this service for the property seller, buyer, and us.
Believe me the $200.00 +/- they might charge is WELL worth that cost as opposed to being “penny wise and pound foolish…”
Best to your success;
Michael Morrongiello