Properly Establishing an Intrafamily Loan?

[Sally Pearson]

Hello! I am doing an intrafamily loan with my father for a home purchase in DC and need to make sure it is viewed as a creditor-debtor relationship to the IRS so he doesn't get a gift/inheritance tax. To my understanding, I need to work with an attorney to get a Promissory Note to line out the terms, as well as a Deed of Trust before settlement (which is in 2 weeks)! I also believe I need to record this with the DC Recorder of Deeds. Does anyone know what other steps I may need to take? 

[Russell Brazil]

Quote from @Sally Pearson:

Hello! I am doing an intrafamily loan with my father for a home purchase in DC and need to make sure it is viewed as a creditor-debtor relationship to the IRS so he doesn't get a gift/inheritance tax. To my understanding, I need to work with an attorney to get a Promissory Note to line out the terms, as well as a Deed of Trust before settlement (which is in 2 weeks)! I also believe I need to record this with the DC Recorder of Deeds. Does anyone know what other steps I may need to take? 

 The title company closing the transaction can do this.