This one is plain and simple - do not write that check without assurances that the property is in fact under contract.

It was my obligation to go back through and help all the people who were 'new' figure it all out; and faster than I did because now I had the forum information and ability to easily pinpoint valuable discussions for others.You may not be getting much out of BP, but I can assure you that others are probably getting much out of you.  

Costed me $300 in legal and recording to cloak almost two commas worth.Paying off property is not horrible I assure you. 

Without that assurance you are rolling the dice.

If you currently have $45,000 in cash, I assure you that there are single-family residences currently available with owner financing for someone with $45,000 down payment!

How can I assure him of that when there doesn't exist an equivalent, well-established land-title recorder system for notes?

So I can rest assured that it'll be worth it.  

Providing the lender with collateral(the property) does give him more assurance and a peace of mind.2.

Nothing is assured that you'll find a good replacement. 

I can assure you no one is originating loans for only half a point.