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To have a security interest in the property, you'd have to record a trust deed.
Otherwise, he could sell the property at any time, without telling you, and the buyer would take it free and clear of any interest you would claim against it.
So, basically, if he already owes you money under some kind of a note or agreement, and you simply do another, unrecorded note where he grants you an interest in the property, it is a bit of insurance, but not really much.
BTW, he should not object to you recording a trust deed against the property. That does NOTHING to prevent him from selling it, i.e., it does not make the property harder to sell in any way.
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