Posted by Tom (GA) on September 11, 2004 at 20:57:28:
No, I’ve got the note covered, part Bronchick, part Lonnie. I’ve read in the archives about a Security Agreement and think I may need one. Especially for this one, it’s not a typical Lonnie Deal. It’s being sold for $19.5k and would like more security in the owner financing.
Security Agreement - Posted by Tom (GA)
Posted by Tom (GA) on September 10, 2004 at 14:59:34:
Having a hard time coming up with wording for a security agreement. I seem to alot of default stuff in the Note and wonder if a Security Agreement is even necessary. Maybe it is, I don’t have a strong sense that the recourse (payment in full, repossession) is being put across.
Anyone have one they would like to share?
Re: Security Agreement - Posted by Tony-VA/NC
Posted by Tony-VA/NC on September 13, 2004 at 08:09:55:
Some locations do prefer a separate security agreement. I used one with my Lonnie deals.
The best place to find a proven example of a personal property security agreement that has been tried and proven in your local courts is to take a look at your car loan. If you don’t have a car loan, then ask your bank for a copy of the promissory note and security agreement they use on theirs. Their lawyers have adapted the wording to your state and location. This paperwork is probably copyright material so do not simply cut and paste.
Re: Security Agreement - Posted by Steve-WA
Posted by Steve-WA on September 11, 2004 at 21:48:08:
I seem to remember seeing a SA for selling a note, butnot for a LD. You told Lyal that this was not a typical LD, but no details.
Try the Paper forum archives
also try searching for “security instrument”
Re: Security Agreement - Posted by Lyal
Posted by Lyal on September 11, 2004 at 15:21:32:
Are you talking about a Promissory Note? There’s one in Lonnie’s book.
Re: Security Agreement - Posted by Tom (GA)
Posted by Tom (GA) on September 13, 2004 at 06:55:30:
Not a LD only in cost to repair ($5500) and selling price ($19500). Other wise pretty much the same. So it is your understanding that you use a SA when selling the note and not for selling the home via OF? Since I am doing both, guess I still need to find one.