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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33738
Experience:  15 years real estate, Realtor. Landlord 26 years
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I just sold my home SUBJECT TO the existing mortgage. The buyer

Customer Question

I just sold my home SUBJECT TO the existing mortgage. The buyer promised to pay me $25.000 at $200 per month for 125 months. We signed a Promissory Note but it was not recorded. I want to place a lien on the property for $25,000 so he cannot sell and walk away from his promise to pay.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Since he signed a quit claim deed back to you July 14th, you can tell him that either he agrees to sign a formal mortgage setting out the $200 a month for 125 months or you will simply record the quit claim deed and transfer the property back to yourself.
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The mortgage should have been done at the same time as the promissory note and then recorded so as to make you a secured creditor preventing the buyer from selling without paying you.
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If there was no mortgage recorded, then the promissory note is just a personal promise to pay you, but it is not secured by the property as collateral.
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thanks
Barrister
Customer: replied 1 year ago.
No thank you. This does not help and does not answer my question. PLEASE CANCEL my membership. You can keep the $5 deposit.
Expert:  Barrister replied 1 year ago.
I am sorry you don't feel that my information was helpful. You stated "I want to place a lien on the property for $25,000 so he cannot sell and walk away from his promise to pay."
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The fact is, you can't do so now because you didn't have the person sign a mortgage for the purchase when you originally sold it, which is what always happens when a sale is financed, either privately or through a bank.
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The only way you could lien the property would be if the buyer defaulted, you sued them under a breach of contract, got a judgment and then filed a judgment lien on the property.
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I am sorry if this wasn't done correctly from the start, but I can only try and give you information to fix the mistake now.
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However, JustAnswer has a 100% customer satisfaction pledge. So if you aren't happy with my service for any reason, you can contact JustAnswer's customer service dept and request a refund. I am just an independent contractor, not an employee of JustAnswer, so I have nothing to do with their billing of customers..
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thanks
Barrister

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