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Updated 11 months ago on . Most recent reply

User Stats

114
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35
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Pandu Chimata
35
Votes |
114
Posts

Adding a lien holder to the property title

Pandu Chimata
Posted

Hello team, I am in the processing of borrowing money from a friend to rehab my flip. It's a private loan. As a collateral, I need to add his name in the title so that I pay off the amount when I am selling the property. 

How do I do this? This property is in San Bernardino city. Is there a specific form that I need to fill it out and get it registered? Any thoughts? 

Most Popular Reply

Account Closed
  • Accountant
  • San Diego, CA
551
Votes |
1,250
Posts
Account Closed
  • Accountant
  • San Diego, CA
Replied

@Pandu Chimata

As a private lender myself, typically what happens is the title company has an in house lawyer, where you can get a mortgage and note prepared for free. They will also record it with the county so you will have your lien "officially recorded". They provide a document confirming this at closing as well.I would not recommend lending money directly peer to peer for your first deals. Best of luck!  

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