Posted on: 31st Jan, 2011 08:02 pm
My friend have a property (land) and I'm going to let him borrow 60K.
What legal document I need to use to record the agreement?
What legal document I need to use to record the agreement?
You'll want a mortgage note, of course, to set out the terms of the loan and repayment; you'll also need a mortgage deed to notify any interested parties of the lien you're placing on the land. The state in which you're located may have a particular deed format that you can follow. There are plentiful forms vendors online that you can purchase from, but also look in the yellow pages (yeah I know they're outmoded) for legal forms vendors, where you'll probably find what you're looking for.
Consult with an attorney for the ultimate in precision.
Consult with an attorney for the ultimate in precision.
I agree with what gmakerley, it can help if you have a written / note proof that you and your friend got this mortgage agreement.
