Legal Question in Real Estate Law in Pennsylvania

Re: Lending son money

There are a few things that you would need. The first would be a promissory note. The second a mortgage to be recorded in the county where the property is located. You should also get title insurance. He will be getting it as an owner, so as a lender, there will be no fee for the lender's policy in PA. You should be comfortable with the appraised value of the property, of course, but the three items mentioned will be adequate to protect your interest. I work for a large title company, and would be willing to help you out with this transaction should you need assistance. You can call me at 800-443-5084

Re: Lending son money

You need a title search to insure that your son will get good and clear title. Then I would require that he execute a mortgage that will be filed of record as a first lien. It will be satified when he get a loan. More information is needed about the transaction. If I can assist please let me know. Gerald Hershenson Esq. 215-579-9390

Re: Lending son money

A promissory note and a Mortgage. After signing the mortgage, it needs to be recorded in the County where the property is located. A title insurance company can assist with the recording for a nominal fee. After he gets his mortgage and you are repaid, you merely submit your mortgage for cancellation. There are some recording fees involved for each part of the transaction.