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Adding a lien holder to the property title
Hello team, I am in the processing of borrowing money from a friend to rehab my flip. It's a private loan. As a collateral, I need to add his name in the title so that I pay off the amount when I am selling the property.
How do I do this? This property is in San Bernardino city. Is there a specific form that I need to fill it out and get it registered? Any thoughts?
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As a private lender myself, typically what happens is the title company has an in house lawyer, where you can get a mortgage and note prepared for free. They will also record it with the county so you will have your lien "officially recorded". They provide a document confirming this at closing as well.I would not recommend lending money directly peer to peer for your first deals. Best of luck!