Q: A mortgage to secure option in Alabama?
I’m purchasing an option for 10,000 to buy the property for 250k within the next 20 years, however, I want to make sure the option is secure and won’t be closed over the top of. Can I use a mortgage or another security instrument to keep my option in place?
A: Any time you are dealing with a real estate transaction it is wise to work with an attorney. They will be able to advise you of the individual provisions of the option contract and how each influences your rights down the road. Generally, agreements and documents affecting title to land may be recorded in the probate office for the county where the land is located.
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