Seeking information and/or direction
I need a document to secure a loan I made to a property owner, granting me a security interest in the property and establishing the terms of the agreement. I don't want to trigger transfer tax with a deed or mortgage, but a security agreement only applies to personal property or fixtures. What type of document should I use, along with the promissory note, in Michigan?
I would say a mortgage/deed of trust. Why makes you say that a mortgage will trigger a transfer tax? Yes a deed would but a mortgage is just a security instrument. Please clarify.