Buying Property Subject To: What Documents are Needed
Hi All,
I'm buying a property subject. The Seller currently has it rented and I'd like to at this time keep the existing tenant. I have the purchase agreement, Subject to Addendum and Promissory Note.
What other documents do I need, if the promissory note is to be secured? i.e. I'm hearing I need a note and mortgage document prepared as well. (junior mortgage recorded)
If we record a junior mortgage will this red flag the 1st lien holder?
Help..