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

Customer Question
I have a homeowner...

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.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state this is in?

Washington County, Oregon

Lawyer's Assistant: Has any paperwork been filed?

No

Submitted: 8 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 8 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 12,148
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. Do you mind if I take a moment to review your question?

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 8 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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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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