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Updated almost 8 years ago on . Most recent reply

User Stats

373
Posts
173
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Allen Maris
  • Investor
  • Santa Ynez, CA
173
Votes |
373
Posts

Seller carry back loan docs in CA?

Allen Maris
  • Investor
  • Santa Ynez, CA
Posted

I'm moving forward on doing my first carry back for a buyer. I was wondering if anyone knows a source for getting a copy of an existing note that will at least get me started with a local attorney. There's no need to pay an attorney to draft something from scratch when just tailoring it is needed. 

Thanks!

  • Allen Maris
  • Most Popular Reply

    User Stats

    486
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    214
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    Roman M.
    • Investor
    • Miami Beach, FL
    214
    Votes |
    486
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    Roman M.
    • Investor
    • Miami Beach, FL
    Replied

    mortgage and a note is not one sided. 

    Loan terms are negotiable but the legal language is pretty standard.

    I am sure that an attorney will use the right form that is in compliance with the state law and to make sure that you have no issues if your borrower stops paying and you need to foreclose. Usually everything is smooth until you need to foreclose. I won't gamble it and always use an attorney.

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