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Updated 11 days ago, 11/13/2024
Private Lender Documents
I've read a few old posts regarding this topic and have those documents in order, but I still have the following questions regarding a private loan (from family) --
Loan Documents for Purchase -
1. We have the promissory note, personal guaranty, and deed of trust(title/escrow to handle) ready to go. Does the promissory note and personal guaranty go to title or should I execute these outside of escrow?
2. Does my lender need to provide escrow instructions or anything along those lines? Can he just wire the funds to escrow, I sign the deed of trust, and that's that? Or, do he need to send some type of escrow instructions that outline 1st position, will fund after all docs signed, etc?
3. What about Lender's title policy?
Loan Documents for Selling
1. What will this same lender need to provide title and escrow when I sell the property? Is it just a payoff demand and wiring instructions?
Thanks! This forum has been extremely helpful.