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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I've a 75% interest in residential property in Ben Lomond,

Customer Question

I’ve a 75% interest in residential property in Ben Lomond, CA (Santa Cruz Mts.) that’s in litigation for a court ordered sale by partition on the court calendar for 10/5. No property management document exists/nothing anywhere states a partition sale is not allowed. My sis lives there, has a 25% interest in it & doesn’t pay rent or the mortgage, etc. Our mom did that for 2 decades & died a year ago & I’ve paid for it for 11 months to keep it from foreclosure cause sis can’t pay it & doesn’t qualify to either. The property needs to sell cause I’m not paying for her anymore. I need a lien for an advance of $3000 to me from a friend on my portion of the proceeds of the sale for registration/room/transportation to a special event it's imperative I attend. I asked the law firm in the litigation & it said no cause it'd have to come from payroll & that won’t work. How do I get the document to do this legally & how do we proceed. I pay my friend back $6000 for a 2-3 month wait. Not a bad ROI?
Submitted: 1 year ago via LawDepot.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.

You are asking about writing a secured promissory note and a deed of trust.

These two documents will give your friend a secured interest in the property and set out the specific terms of payment for the loan.

(The "Promissory Note" is the loan document, and the "Deed of Trust" is the document that is recorded against the property).

Please be very careful when using Legal Zoom (or any similar company), these resources provide you with a fast and inexpensive way to draft legally binding documents, but they offer you no legal advice or counsel on how to properly use them. You can find yourself in a great deal of trouble very quickly if you are not careful.

If you are already working with a law firm and they have advised you against recording a lien against the property, I would carefully heed their advice. Recording a lien against property that you do not own outright can place you in a compromised legal position.