Hello all

got a question about how 1st and 2nd positions work with deeds. I have client who wants to purchase land using owner financing. My client insists on being in 1st position, while the seller will not agree to that.

My buyer is saying that his investors/financers will only finance projects where they are in 1st position.

can anyone explain the difference between the two and how to convince a seller to allow buyer to be in 1st position.

I am relatively inexperienced, thus the reason for this postings.

any constructive replies would be appreciated

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According to my understanding, the position is granted by the order that the deeds are recorded. To be in first position, the deed has to be recorded first, thus giving that first deed precedence over the second. Most investors know that 2nd position mortgages are not looked upon seriously, and therefore insist on 1st position, usually, because they want to sell the paper themselves as soon as they buy it, bka a simultaneous closing. Alvin, did I explain that correctly?