I am contemplating selling my home to a person for a fair amount of money...He is willing to give me $30,000.00 down and pay another $2500.00 per month for a full year to meet the $60,000.00 deposit that I am looking to get...After that a 30 year mortgage will kick in which I am going to hold...The person that I am considering selling my home to says that he will be doing quite a bit of renovation to the house...I have no problem with that...As a matter of fact, I think that this would enhance the value of the property...Here is where the problem comes in...My father in law told me that if the people that buy my home do this work and for any reason do not pay the contractors that the contractors can put a mechanics lien on the home and that they would get thier money first before I would get mine...I thought if I had a recorded 1st mortgage that I am the fist in line to get my money...Can the contractors force a sale of the home and would they get paid first, or does the first mortgage holder get paid first...The answer to this question might determine whether I hold a mortgage or not....I have never had any issues before and don't want to start now...Your help in this matter would be greatly appreciated..
1 Answer from Attorneys
You need to meet with an attorney to review all of these issues and to make sure that the purchase documents adequately protect you.
Related Questions & Answers
29 year old deed signature label not genuine can land be returned to heir now Asked 8/12/09, 2:45 pm in United States Florida Real Estate and Real Property
My sister and my father purchased a home in florida...cash paid no mortgage. my... Asked 8/12/09, 1:35 pm in United States Florida Real Estate and Real Property
I live in Sarasota, Fl in an historic apartment building. I have resided here for... Asked 8/12/09, 12:36 pm in United States Florida Real Estate and Real Property
Is it illegal to list a house for sale and not notify the buyer that there are liens... Asked 8/12/09, 8:28 am in United States Florida Real Estate and Real Property
I own a few rental properties and hear that incorporating was a smart thing to do. I... Asked 8/11/09, 5:12 pm in United States Florida Real Estate and Real Property