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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42816
Experience:  Texas Attorney for 30 years dealing in real estate
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I have a signed and notarized Promissory Note from an individual

Customer Question

I have a signed and notarized Promissory Note from an individual who bought my home - she was $7000 short that prevented her from closing on the loan. So, we agreed that she will pay me the amount via monthly installments and that a lien will be placed on the home until it is paid off (this was specified in the Promissory Note). So, I would like to know if I can truly place a lien on the home if she fails to pay me? -Selina
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
You will need a promissory note if the buyer hasn't signed one and second deed of trust signed by the buyer here to be able to enforce payments and default.You really need a local lawyer to draw this up because otherwise with a default this is not enforceable because it involves real estate.
You really need to do this asap if you have advanced them funds without the legal paper here.
If there was a closing at a title company they can do this for you quickly and easily.Hopefully buyer will sign the note here to protect your interests.
The deed of trust here secures the payment of the note--you can foreclose if she doesn't pay here.This is considered a second note and second deed of trust situation.
I appreciate the chance to help you today.Please let me know if you have more follow up.
Have a great Memorial Weekend.
Expert:  Ray replied 2 years ago.
If you already have the promissory note you can get a deed of trust form here.
This allows you to foreclose if she doesn't pay the monthly payments.
Thanks again.