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Updated almost 8 years ago,
New Investor, need help mechanics lien disclosure
Hello BP Community, I'm new here and to real estate investing and am exited to get started! I just have one question for now.
I am purchasing my first flip and fix propert today and the investor I am working with is a great mentor since he has been a real estate investor for over 50 years. He chose to do this investment deal with me through a bank so I know how to do this in the future without his help.
He called me last night and mentioned the bank wanted me to write up a mechanics lien disclosure or something of the sort that the seller has to sign before closing. I guess it's just stating that there are no mechanics liens on the property and if there currently are, the seller will foot the bill when they arise.
Has anyone done this before or can anyone shine some light on where I can find a free template for something like this?i have been looking around for the past couple hours and haven't found anything, only thing I can find is how to file a mechanics lien which doesn't help me any. The document has to be legally binding in the state of Illinois and I would like it to look professionally made.
I'll probably have many more questions in the future but for now this is it.
I'll be sure to introduce myself and my first deal later today!
Thank you for your time and answers!