I
intellectualhonesty
Guest
What is an open end mortgage? I have a contract with my father. I pay his 1st mortgage, and in exchange, he gives me an "open end mortgage". I have been paying his mortgage for years now and the total amount he owes me on the Open End Mortgage is $130,000. So far, I have a contract, an open end mortgage and a promissory note. I notice that in the open end mortgage document there is a section where it briefly discribes some things in the contract....like grantor and grantee live together and $1000 is paid in rent. I wonder if the mortgage can simply state that the details are in the contract....I wonder if we can skip the conditions of mortgage...and rely exclusively on contract..It sure would be simpler if we could. I am afraid that if I don't state the conditions...of mortgage correctly in open mortgage deed, that the mortgage paper controls the contract papers. I would like the contract to control the open end mortgage deed. Is that possible?
Look, if you don't understand a contract and the laws under which it will be administered, don't sign it! That said, you and your dad should go hire a real estate attorney and split the fee to have all the proper documents drawn up and recorded and everything. You need WAY too much help for this board to handle. Don't complain about the fee. Spending a couple thousand to make sure a $200k deal goes well is dirt cheap.