Closing process using private loan from friends or family
Hello all!
We're ready to close on a property using a private loan from a close friend, and are just looking for the basic steps as to who does what when. Cash is on hand in funder's account and he is ready to transfer as soon as we give the word. The property we are buying is a single family in Southern Maine from a private seller. Funder is based out of state and will not be present. What is the most efficient way to draft note, payoff seller, register new lien, etc.
I'll add that we're not looking for specific legal advice, just the basic steps and who should be involved and when (ie lawyer, title company, etc).
Thanks!
Most Popular Reply
@Michael Weisman We handle a lot of transactions like this right through a good real estate lawyer. The lawyer does the title search, creates the settlement statement, creates the docs for the deal, and then registers the deed and lien with the County. All of the expenses get handled right through the settlement statement, the final amount is wired into their trust account, they handle all of the disbursements and the process is seamless.