All Forum Posts by: Joseph F.

Thank you for the advice. Everything will be spelled out in writing including recourse in the event of an untimely death.

Thank you for the information. I am aware of everything you outlined, I just didn't communicate things clearly on my post.

The loan is a good faith, "old school", handshake loan. We have already agreed to the terms. I was planning on doing all of the legal work to save him the expense and show good faith on my part.

I don't plan to sell the property any time soon. I plan to hold it. The property is part of a conduit to pay off the IRS lien. The IRS lien will have been resolved by the time I choose to sell, when that day comes.

Buying a property cash using hard money. I will issue the lender a promissory note outlining the terms of the loan. I have outstanding a Federal Tax lien that I am trying to pay off. Should I lien the property that I am buying to protect my lender or leave it free and clear of liens.