If I were to accept money, what docs do I need to keep lender safe?
In short, exactly the documents the lender requires in order to loan.
Hi Bill H,
Thanks for the information.
Yea same docs as if you were to borrow from a bank. To clarify that is a mortgage and a note. The mortgage pledges the house as collateral. The note outlines the terms of money you are borrowing. Together those make your private lender safe. Most title companies or closing attorneys can help draft those docs for a fee prior to closing.
income proof, residential proof and also need to keep any property document depends on lender’s requirement.