Help - need advise on how to secure private lending money in NJ

[Frank Y.]

Hello, I am an investor and private lender in PA. Now an investor in NJ wants me to lend him buying a flip property in NJ. He told me that he is going to use an attorney instead of an abstract company to close the deal. I know in NJ you need Attorney review.  If he uses just an attorney, who will do the title search and who will issue the title insurance? Also who will record the mortgage? Many thanks for your advise.  

Frank

[Bret Ehlers]

Frank, I recommend you use your own closing attorney to complete this type of transaction every time.  You will want to protect yourself from the borrower.  You need to have the transaction docs structured for a speedy foreclosure in the event of default.  (If your attorney creates a Land Trust there is no foreclosure)  Your attorney will have all the resources to complete all of the other items you outlined in your question.  

To you successful investing.

It is a Terrific Day!!