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Loren, Attorney
Category: Legal
Satisfied Customers: 34030
Experience:  30 years experience representing clients.
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I am in the process of loaning my nephew money for him to

Customer Question

I am in the process of loaning my nephew money for him to purchase real estate. He lives in Virginia and I live in Arizona. Which State regs govern
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Real estate is in Virgina
JA: Has anything been filed or reported?
Customer: Not as yet as I am using template to create promissory note
JA: Anything else you want the lawyer to know before I connect you?
Customer: Should I have a deed of trust as collateral?
Submitted: 11 months ago.
Category: Legal
Expert:  Loren replied 11 months ago.

You can include a choice of venue and law in the terms of the note which will establish your state as the agreed venue and choice of law in the event of dispute.

You can also include a provision in which the borrower appoints you as their agent for accepting service in the event you are forced to sue.

You will also want to include a provision allowing for you to collect attorney fees form the borrower in the event of default.

Expert:  Loren replied 11 months ago.

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