How do I file a voluntary lien on my property for my lender?

[Isaac Pepper]

I have a property I'd like to purchase with a cash offer, however I dont have adequate liquid cash. I do have the funds tied up in another property that's free and clear and am now seasoned and done renovating. I plan to cash out refi, but want to move quick to get this deal before it moves to the MLS. I have a contact that is willing to lend me the cash until my refi is complete, but asks that we place a lean on the new property to secure his funds in the event that I die.

I am having difficulties finding out how to file a voluntary lien on the new property. Surely many people here have done this. What steps am I looking at to complete this? All parties and properties are located in Ohio. Thanks in advance!

Tags: lender money private mortgage legal court recorder code finance credit

[Wayne Brooks]

You execute a Promissory Note and a Mortgage (or Deed of Trust, depending your area) and record the Mtg. 

[John Underwood]

Just get your attorney to do it so it is done correctly. 

[Joe Martella]

Wouldn’t the person lending you the money make sure there is a lien placed on the property?

[Joe S.]

Simply call a real estate attorney and tell them what you’re trying to do. They can draw up the paperwork and record it for you after After the appropriate signatures  are signed and the money trades hands.

[Brian Boyd]

You are talking about a mortgage and promissory note, most likely with a personal guarantee. These documents would be executed at closing with your friend acting as your bank. Call your real estate attorney. 

Good luck.