We are financing some land in CO for a friend. I have downloaded the Promissory Note with Security Forms, do I need anything else? The land will be the security. Does the note have to be recorded in order to be the first lien on the property. How do I record it if I am out of state?
1 Answer from Attorneys
You will need to record a Deed of Trust on the property referencing the promissory note. You can either contact a title insurance company (I would strongly recommend a title insurance policy on your lender's interest in the property - which will be important as well for ensuring that you are the senior lienholder on the property) and have them record it or you can mail it to the appropriate county recorder's office and with the requisite filing fees.