2nd To Seller????? - Posted by LHoffman

Posted by Sean on April 21, 1999 at 10:16:31:

The Escrow and Title company should handle all that. Just work out on the sales agreement how much he is going to take back, at what interest rate and for how long.

2nd To Seller??? - Posted by LHoffman

Posted by LHoffman on April 20, 1999 at 08:45:22:

I have a question about giving a 2nd mortgage to the seller. A seller has agreed to take back a second mortgage on his property.

What documents do I need him to sign, besides the purchase agreement. Do I have him sign a mortgage (were in Ohio) and a promissory note. Stating that I owe him XXXX amount for 30 years!!! Does he also need to sign a quit claim deed or any other deeds???