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| *Loan,banking and credit>>>bank loan |
Father is giving me a loan on my 2nd mortgage, how do I set this up without any attorney/bank fees? |
We want to make it official, where he will claim the interest on his taxes, and I will claim the interest paid as deductions on my taxes. How do I do this with him without having to pay the costs of attorneys/bankers/title lawyers? Is there a free easy way of doing this? Prepare a note and a deed of trust. Normally, it's best to have a real estate attorney to look over the documents, to make sure everything is in order, but there are blanket forms that you can use where you can fill it out yourself. It's important that once you finish signing the Deed of Trust that you take it to your County Clerk's office and have the document recorded. This will cost money, but it's they way to make the document public record and puts an official lien on the property. Find a good real estate attorney, or a title company attorney, and normally they can work one up for you for about $50-$75 a document. Recording the Deed of Trust may be $40-$100, depending on the length of the document, and your clerk's recording fees. Source(s): I work this business. :-) 1/ draft a promissory note. you can buy some standardized docs from staples or such places. if you have any unusual terms, you can make addendum's to the contract. 2/ he must file the note to obtain a lien position. FYI don't take it to the county clerk you need this info recorded in the chancery clerks office different counties charge diff rates I will look and get back with you, but you can get standardized forms on the net check back with me if I don't get you back..... I work for an attny. |
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