Performance Mortgage - Posted by Jimmy

Real Estate Investing
1

Posted by Ed Copp (OH) on January 27, 2001 at 17:03:30:

It does not have to have any numbers on it. It just needs to refer to another agreement usually by date etc. and to guarantee the performance of that agreement.

Having someone not want to sign a mortgage is a pretty simple thing to overcome, call it something else. Like:

Agreement

Agreement to perform

performance guarantee

The important thing is to get this document into recordable form, get it signed, and get it recorded. If you do not know how to do it right the first time, hire help (a lawyer).

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Performance Mortgage - Posted by Jimmy

Posted by Jimmy on January 27, 2001 at 15:37:06:

I think I understand the concept of the performance mortgage. Now I am most interested in the document itself.

Does it specify an amount? Interest Rate? Term? Is there a note or just the mortgage itself. How would I get the Sellers to sign a document entitled “Mortgage” if they are thinking that they are selling the property…(“why am I signing a mortgage”)…
Jimmy