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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33781
Experience:  15 years real estate, Realtor. Landlord 26 years
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A friend of mine is selling is coop. He assigned someone to

Customer Question

A friend of mine is selling is coop. He assigned someone to be the administrator of the coop since he was unable to be administrator. He owes me money and told me once the coop is sold he would pay me back. I want to do a promissory note. My questions is - who's name should be on the promissory note my friends name or the administrator of the coop
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Friend has just designated someone to act as his agent, but he is still the owner, so you want friend's name on the Note and any Mortgage and it should be recorded so as to act as a lien on the property that would be paid off from any proceeds before clear title can convey to the buyer.. That prevents friend from getting the money and then disappearing leaving you holding a Note that you can't collect on because you can't find friend..

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thanks

Barrister

Customer: replied 8 months ago.
Ok thank you. Is it true that the administrator is the handler of the money though? Administrator told me once that I would get nothing.
Expert:  Barrister replied 8 months ago.

The administrator would be handling the money and the sale on behalf of the owner, but he doesn't get to keep the money. So if you filed your lien on the property, you would have to be paid off by the closing attorney for the buyer so that clear title could be conveyed to them.

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That is why you want to get a mortgage lien filed on the property so as to lock it up so it can't be transferred without paying you off.

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thanks

Barrister

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