We are owner-financing the house. How can we put a lien on the house so we know that it cannot be sold under our nose? Thanks


It sounds like you're selling your own home and financing the buyer. The terminology is different in different places but generally, in additionl to the contract of sale, a "Note" is signed by the buyer which establishes the debt to you. Second, a "Mortgage" (local terminology may differ) is signed by the buyer giving you a lien (right) to secure the note with the house. If they default you can get the house (foreclose) to pay off the note. The mortgage must be filed in the appropriate government office (often a county clerk's office, but it varies by area) to have validity (this is called "recording"). Be sure to hire a real estate attorney in your area for the paperwork and to have an accountant advise you on the interest rate and tax implications.

See the book "How to Buy A House With Little (or no) Money Down) Wiley.

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