Is anyone familiar with 'Acquisition and building mortgage note'? We are doing private money lending and the borrower's lawyer prepared this type of document for us, it combines a promissory note and deed of trust in one document. Anyone has experience with such documents?
@Lana Friedland I have not but I am suspicious of using such a document. The mortgage should be recorded. The note not. If there should be some agreed change to the note the entire document would have to be revised and recorded. I would guess that about 25% of the time my notes are changed after a few months seasoning.
Thank you, Kathie, that's a very good point! I will talk to them about splitting the document.
@Lana Friedland I'm following this thread and curious what ends up happening...and what the reasoning is for the way the document is currently drafted.
@Adam Schneider, it actually turned out that the lawyer was preparing a deed of trust as well, it's just the borrower confused me that there was only one document. Sorry about the confusion, that is the first deal for me.