How must time to one have to secure a loan on a property with a sign contract?
I loan friend money to make closing deadline on new home. while their old existing home is on the market to be sold. I had a lawyer draw out a contact for repayment of this loan. my question is how may days do I have as a loanholder, to but a mortgage or lien on this old home, to secure my money?
Answers:
When someone signs a contract to purchase a home (new or old) and requires financing to close the purchase, the sales contract typically allows the buyer 30 days to obtain a loan. However, this is not a hard and fast rule and it can be any period of time that is agreed on between the buyer and seller.
Note: Home mortgage lenders don't approve many loans if they're aware that the buyer has borrowed money to make a down payment - otherwise known as earnest money to demonstrate their sincerity to purchase.
If you loaned a home buyer money to make a down payment the terms of repayment should be clearly stated in your own contract, it has nothing to do with buyer's real estate loan. You can't place a lien on their old home after the fact, the lien has to be part of the original contract the buyer signed, and must have the terms of repayment stipulated in the contract.
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Answers:
When someone signs a contract to purchase a home (new or old) and requires financing to close the purchase, the sales contract typically allows the buyer 30 days to obtain a loan. However, this is not a hard and fast rule and it can be any period of time that is agreed on between the buyer and seller.
Note: Home mortgage lenders don't approve many loans if they're aware that the buyer has borrowed money to make a down payment - otherwise known as earnest money to demonstrate their sincerity to purchase.
If you loaned a home buyer money to make a down payment the terms of repayment should be clearly stated in your own contract, it has nothing to do with buyer's real estate loan. You can't place a lien on their old home after the fact, the lien has to be part of the original contract the buyer signed, and must have the terms of repayment stipulated in the contract.
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