I am lendng a person $120,000. She has undeveloped property in Bethany Beach DE worth approximately $325,000. What is the best way to secure a lien on her property?
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I am lendng a person $120,000. She has undeveloped property in Bethany Beach DE worth approximately $325,000. What is the best way to secure a lien on her property?
The best method is to have them sign a promissory note and mortgage. The mortgage gets filed in the county clerk or county register's office. I suggest that you have them prepared by an attorney to make sure that your interest is protected and it is done properly.
(Please don't piggyback your post onto others. I created a new thread for you.)
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