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I have a homeowner that is going to sign a promissory note

Customer Question
for about $25000 for remodeling...
I have a homeowner that is going to sign a promissory note for about $25000 for remodeling a home that is now up for sale. As a general contractor do I need a promissory note secured by a deed and trust and record it? I am also assuming I need the legal description of the property not just the address.
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: Washington County, Oregon
JA: Has any paperwork been filed?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 2 months ago.Category: Real Estate Law
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Answered in 3 minutes by:
9/22/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 2 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,570
Experience: Licensed to practice before state and federal court
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Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 2 months ago

Thank you very much for your patience. Generally, you won't’ need a promissory note that is secured by a deed and trust or to record it. Even if the contract was not in writing, it would still be enforceable and you could bring a lawsuit for a breach of contract if they did not pay. You could make an agreement to have the agreement secured by the property, but the law may consider you a mortgage holder, which gives you different obligations than if you were to enter into a simpler contract. As you may know, if they default, then you may be able to place a lien on the property which means that they cannot sell the property without you first getting a portion of it.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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Category: Real Estate Law
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