You don't need every paper to get a quote. You do need them to close. This checklist shows what a note buyer asks for, why, and what to do if something is missing.
Short version: For a quote, I just need the basic numbers. For closing, a buyer wants the note, the recorded mortgage or land contract, your closing papers, and proof of payments.
To get a quote
You can start with just these:
- The balance today
- The interest rate
- The monthly payment
- How many payments are left, and any balloon
- The property address and type
- About how long the payer has paid, and if they're on time
That's enough for me to give you a ballpark. Start a quote here.
To close: the core documents
These are the papers that prove the note exists and that you own it.
| Document | Why a buyer needs it |
|---|---|
| The promissory note | It's the promise to pay. The original is best. |
| The mortgage or deed of trust | It ties the note to the property. A recorded copy works. |
| Or, the land contract | If you sold on a land contract, this replaces the two above. |
| Proof of recording | Shows the mortgage, deed of trust, or contract is on public record. |
| Your closing statement | Shows the price, down payment, and how the deal was set up. |
| Payment history | Dates and amounts of payments. Bank records are best. |
Also helpful
These help me give you a better price and close faster:
- Title insurance policy from when you sold, if you got one
- Proof of homeowners insurance, with you listed on it
- Proof property taxes are paid
- Any changes to the deal in writing, like a new payment amount
- Any assignments, if the note was ever transferred before
- Probate papers, if you inherited the note
What you'll sign at closing
- An assignment of the mortgage, deed of trust, or land contract to the buyer
- An endorsement of the note, often on a separate page called an allonge
- A deed, on a land contract, passing your title subject to the contract
- A W-9 and ID for the title company
The buyer or title company prepares these. You don't need to draft anything.
What if something is missing?
Missing papers are common. Most can be fixed.
- Lost the recorded mortgage? Get a copy from the county recorder. It's public.
- No payment records? Bank statements work. Or the payer can confirm the history.
- Never recorded it? It can be recorded as part of the sale.
- No closing statement? Ask the title company or attorney who closed the deal.
- Lost the original note? That's harder, but often still sellable. Read can you sell a note if you lost the original.
Tips to speed things up
- Scan everything to one folder. Phone photos are fine for a quote.
- Keep the original note safe. Don't mail it until the buyer asks. It usually goes to the title company at closing.
- Tell the buyer about gaps early. It's better to price a problem up front than find it at closing.
State rules can add a few papers. See the guides for Ohio, Indiana, Michigan, Texas, North Carolina, South Carolina, and Arizona.
Frequently asked questions
Do I need all the documents to get a quote?
No. The balance, rate, payment, and a few facts about the payer and property are enough for a ballpark.
Do I need the original note?
The original is best. If it's lost, a sale is often still possible with a lost note affidavit. The price may be lower.
Is a copy of the mortgage OK?
Yes. A recorded copy from the county is fine. The note is the one where the original matters most.
What is an allonge?
It's a separate page attached to the note. It's used to sign the note over to the buyer when there's no room on the note itself.
Who prepares the closing papers?
The buyer or the title company. You review and sign.
Have your basic numbers? Try the note value calculator or get a free quote.
Larry has invested in real estate since 2006 and has bought more than 300 mortgage notes. He runs LJH Investments, LLC, an Ohio company based in Madison, Indiana. More about Larry
This article is general information, not legal or tax advice. Laws change. Talk with your own attorney and tax adviser about your situation.