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
You will need to create and record with the county an Assignment of Mortgage from you to the buyer.
Are you self servicing? Will the buyer be self servicing?
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 :
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.
With a land contract the deed is conveyed to the buyer. You have sold and are no longer entitled to the property or note.