How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 39471
Experience:  Texas Attorney for 30 years dealing in real estate
8534270
Type Your Real Estate Law Question Here...
Ray is online now
A new question is answered every 9 seconds

I own 2 properties with my ex-wife. One is in Texas and 1

Customer Question

I own 2 properties with my ex-wife. One is in Texas and 1 is in Arizona. The note, for 144,000, is on the property in Texas which we are selling. I agreed to only have her pay half her debt, 72,000, and put the other 72,000 on the property in Arizona. I'll need a new note and be able to secure it with the property in Az. What do I need to do?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Can I use the forms on legal websites for the note? do i need a deed of trust?
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
You need a promissory note and deed of trust.You can do this yourself using on line forms.
Here is the promissory note.
http://www.uslegalforms.com/az/AZ-NOTESEC.htm
Deed of Trust forms..
http://www.uslegalforms.com/az/AZ-REAL-14.htm
These forms can be previewed for free, they come with self help instructions here.You would have buyer ex sign the promissory note and deed of trust.You keep them until paid off.
I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.
Customer: replied 1 year ago.
do I need to record the note and deed in the county of the property?
Expert:  Ray replied 1 year ago.
You do not have to record the promissory note.The Deed and Deed of Trust are recorded in the county deed records in Arizona where the property is located.They are returned to you after recording for your records. Thanks for the follow up.Good luck with the sale.

Related Real Estate Law Questions