Legal Question in Real Estate Law in Texas
second mortgages
who do you correctly write a second mortgage to protect yourself. $7000. for 5 yrs.,what interest rate? the first is 160k from the navy credit union. how is thr realtor to be compensated or do they just collect their commission on the actual(160k)? Thank you in advance, sandyjanow
1 Answer from Attorneys
Re: second mortgages
I need to make some "guesses" to answer your questions. It seems you are purchasing a house, or helping someone purchase a house by lending $7000.00. To protect yourself in the event of a loan, you need to have the borrower sign a "Secured Promissory Note" and a "Second Lien Deed of Trust". The Deed of Trust is then filed in the real property records in the county in which the property is located. A realtor is generally compensated by recieving a commission based upon the sale price of the property, not the amount financed. If the realty is acting as a loan broker, not a real estate broker, and is charging you to find the loans, the payment to the broker would be a negotiated amount. A realtor should not be acting as a loan broker in a transaction in which the realtor is recieving a commission for the sale. Larry Maun 713.266.2560
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