Estate Sale
Estate Sale
How to manage a subordinated note in a real estate sales?
I'm selling some rental properties and agree to accept a "note" for 20% of sales as part of the agreement to work. From what I understand, this is called a "subordinated note". How "safe" is this type of transaction – that is, if the buyer, what kind of recourse do I have? Is this the same as having a second mortgage on the I receive payments? How is the interest rate and term (several years) determined? If the buyer stops making payments, do I get the property (or partial interest therein) of new?
The reason is called subordinate because it is secondary to the first loan. There are definitely some risk. If the property is forclosed, and sold at auction the first loan is paid, and the remaining funds go to pay each subordinated loan. You can still go after the defaulting party for the rest, but can be difficult to collect without legal fees. Most of the time no problems, but the buyer chooses wisely.
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