Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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.
IF you signed a promissory note for $250K, you are stating that you owe someone that money. This is true whether you ever actually got any money or not. You could have given them the note for a purchase, or as a gift, or for a loan or whatever. The point is that by signing the note you are agreeing to pay the holder $250K.
And if they then recorded that note, it becomes a lien on any properties that are located in the county where it is recorded.
And it isn't a total of $500K, it is two mutually independent $250K liens. So if the $250K was paid off, then the lienholder would have to file a lien release for both properties. If one property was sold to pay off the $250K, then they would have to file the lien release for the remaining property.