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    bluenoser1's Avatar
    bluenoser1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 21, 2010, 05:38 AM
    Holding a mortgage for a family member
    I am loaning my sister $$$ for a piece of land adjacent to her's. How do I go about doing this? What should I do legally to cover myself?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Aug 21, 2010, 05:44 AM

    Hello b:

    Hire a lawyer to draw up the note.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Aug 21, 2010, 06:51 AM

    While hiring a lawyer is often the best advice it may not be necessary here. You should be able to find a template for a promissory note online or buy one at a Staples, etc. The note will state the terms of the loan and property used to secure it.

    Once you both sign the note, you register it with the county clerk as a lien against the property.
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