Master Mortgage

If we’re into antiquing, we’re probably also into knowing an antique’s provenance: where it was made, when it was made, who bought and sold it, etc.

A “master mortgage” is like provenance documentation, but for property. It’s created the first time a property is sold, and then it’s amended every time that same property is mortgaged again. It’s like an activity log for property sales.

Master mortgages are helpful because, not only do they give us a nice overview of a piece of property’s history, but they can also alert us if there are any liens or anything against the land. That’s because liens are also recorded on master mortgages, as well as info about when (or if) they’ve been released.

Why is this a big deal? Because liens are attached to property, not property owners. So if we buy property with a lien on it, that lien becomes our problem. Which is no bueno. But never fear...all we have to do to see a property’s master mortgage is ask our lender or the local county clerk. Master mortgages are public record, which means we don’t need to wait for an episode of Mortgage Roadshow to come to town to learn the skinny about a piece of property.