I am also looking for the answer to this question.

My wife borrowed money from her mom to buy a condo in TX. We want to sign a secured promissory note and then file that at the court house. However, we are not sure if that is enough or if we have to use a deed of trust.

Please anyone with a concrete answer would be great! I contacted a local attorney and he wanted $1000 to do the paperwork. I find that to be HIGH.

I have searched the internet high and low. I have found secured promissory note forms and deed of trust forms some really long some short.

Any help is greatly appreciated.

T

[QUOTE=tom5599]I am also looking for the answer to this question.

My wife borrowed money from her mom to buy a condo in TX. We want to sign a secured promissory note and then file that at the court house. However, we are not sure if that is enough or if we have to use a deed of trust.

Please anyone with a concrete answer would be great! I contacted a local attorney and he wanted $1000 to do the paperwork. I find that to be HIGH.

I have searched the internet high and low. I have found secured promissory note forms and deed of trust forms some really long some short.

Any help is greatly appreciated.



Unfortunately it's complicated and that's why it's $1,000 - in my area Attorneys are charging between $250 and $300 an hour so that really isn't a lot of "hours."

Sorry but I don't know TX law and this is too big a purchase to simply guess the Law -

Thank you for the reply, but you did not add anything to the discussion other than to point out the $1000 is a good price, which is absurd.

This type of transaction is NOT complicated. Most lawyers have these documents in their computer all they have to do is fill in a few blanks. It might take 30 minutes at tops 1 hour so at $300 a hr it seems to me I am getting ripped off @ $1000.

How can a simple promissory note and security agreement be complicated? These types of transaction have been performed millions of times for 100s of years.

Why do lawyers always say it is complicated when in fact it is not. Maybe so the can charge more? Maybe..

T

[QUOTE=tom5599]Thank you for the reply, but you did not add anything to the discussion other than to point out the $1000 is a good price, which is absurd.

This type of transaction is NOT complicated. Most lawyers have these documents in their computer all they have to do is fill in a few blanks. It might take 30 minutes at tops 1 hour so at $300 a hr it seems to me I am getting ripped off @ $1000.

How can a simple promissory note and security agreement be complicated? These types of transaction have been performed millions of times for 100s of years.

Why do lawyers always say it is complicated when in fact it is not. Maybe so the can charge more? Maybe..



Sorry you didn't care for my answer - I'm not here to argue with you. You asked, I answered and explained I'm not in your area. It has not been my experience that it's simply a matter of filling in the blanks on a computer but it has been my experience that documents have to be reviewed, executed and filled, "i's" dotted and "t's" crossed. You pay so the document doesn't back to haunt you.

Again - sorry but I'm not going to argue the costs or value of legal representation with you. If you know it's a simple matter of filling in the blanks go to a legal stationery/forms store in your area, pick up the forms and fill them in - get the documents executed and filed and the situation is taken care of.

I am glad you came back! I have had several bad experiences with lawyers and I am sorry if I seem angry, but I am! I always seem to pay way too much for the simplest things. I have decided to try and do a few small things myself.

I am not sure I see why I can not do this myself with a canned Texas promissory note and security agreement? You seem to be saying I can, but for some reason there are risks.

What are the risk?

Again I am talking about a simple on demand promissory note secured by a condo. I have the borrower and lender sign on the dotted line and then I go file this.

Am I wrong to thing I can do this?

T

Quote:

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Sorry you didn't care for my answer - I'm not here to argue with you. You asked, I answered and explained I'm not in your area. It has not been my experience that it's simply a matter of filling in the blanks on a computer but it has been my experience that documents have to be reviewed, executed and filled, "i's" dotted and "t's" crossed. You pay so the document doesn't back to haunt you.

Again - sorry but I'm not going to argue the costs or value of legal representation with you. If you know it's a simple matter of filling in the blanks go to a legal stationery/forms store in your area, pick up the forms and fill them in - get the documents executed and filed and the situation is taken care of.

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First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

Laws were written by lawyers to insure they would stay in business. While something may seem simple and straightforward, if all the ts aren't crossed you could find yourself in trouble.

That being said, this situation would seem straightforward. Get a form promissory note with a blank for collateral. Fill in the legal address of the property (not the street address) and file with the county clerk. You might check with a lawyer to see if they will look over the document for a small fee.

Hello tom:

I had this computer thingy that didn't work. I couldn't fix it. I tried, and tried, but I couldn't. So, I called the repair guy. He came out to my house, looked at my computer thingy and turned a screw a half a turn. My computer thingy started working fine. Then he gave me his bill. It said $500. I said, DUDE, give me an ITIMIZED bill. He then sent me one that said the following:

For turning a screw a half a turn... $25

For knowing how far to turn that screw... $475

The point to this story is that, sure, you can file what lawyers file... If you KNOW what to file... If you don't, well, somebody could lose a condo...

excon

Quote:

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Originally Posted by excon

DUDE, give me an ITIMIZED bill. He then sent me one that said the following:

For turning a screw a half a turn....................... $25

For knowing how far to turn that screw..............$475

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Are you saying he put the screws to you?

:D