Selling Note, swapping the lienholder on property status???

5 Replies

so I'm selling one of my owner financing notes to another BP member.   What needs to be done to update the property status showing that he's the new lienholder.   Dose the tenant need to be apart of the deal ? None of the turms are changing on the note he is just simply buying me out at fair price 

I'm sure there is a few note buyers out there that could shed some light on this situation

With a “tenant”, it sounds like you’re selling a Land Contract, not a note.

As @Logan Hassinger mentioned, if it’s a note and mtg you record an assignment of mtg in the county clerk’s office.

If it’s a Land Contract you’d be transferring the deed.

Originally posted by @Logan Hassinger :

@Wayne Brooks

@Ty Ottaberry

I assumed this was a traditional note with a mortgage to a non-owner occupied investor. To wayne's point, yes you will need to transfer the deed if this is a land contract or CFD.

its a traditional note ,but correct me if I'm wrong here I'm not exactly a expert when it comes to Notes I just need to know someone that is so I can make sure every thing runs smooth lol . If I'm correct a land contract stays in the sellers name until pay off . iv got everything under a deed of trust & promissory note Etc...   the property status reads General Warranty Deed With Vendors Lien.