Legal Question in Real Estate Law in New Jersey

Placing a Mortgage on a Residential Condominum

I have paid off the mortgage on my parent's condominum (of which I have a 1% deed ownership in) and would like to secure this by placing a lien on the property so as to when it is sold I will be able to receive back my funds. What is the best way that I can accomplish this protection.


Asked on 1/19/04, 10:38 am

2 Answers from Attorneys
Bernard J. Berkowitz Berkowitz & Raiken

Re: Placing a Mortgage on a Residential Condominum

The best way to protect your interest is to have your parents sign a mortgage to you and record it in the county clerk's office where the property is located. If you want, our office can prepare the necessary documents for you. We need a copy of the deed to do this. The charge should be about $200 plus the recording fee. If you are interested please call my office.

Bernard Berkowitz

973-808-2003

Read more
Answered on 1/19/04, 10:57 am
Bruce Gudin Ehrlich, Petriello, Gudin & Plaza Esqs.

Re: Placing a Mortgage on a Residential Condominum

Since you have a 1% ownership evidenced by the deed, clear title to the property cannot pass at the time of sale without your authorization. Someone could probably purchase a 99% interest, but unless it is a related party, I doubt anyone would.

Read more
Answered on 1/19/04, 11:04 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey