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Updated about 1 year ago on . Most recent reply

User Stats

15
Posts
2
Votes
Joanne Gonzalez
  • New to Real Estate
  • Charlotte NC
2
Votes |
15
Posts

Do I need to put a lien on the property ( a piece of land)

Joanne Gonzalez
  • New to Real Estate
  • Charlotte NC
Posted

I am allowing someone to borrow $10,000. And as collateral, they have put up a piece of land that they own. In case they don't pay, I will keep the piece of land. Do I need to put a lien on the property or is a detailed contract in place enough?  I live in North Carolina, but the property is in South Carolina. should I hire an attorney for any part of this transaction?

Most Popular Reply

User Stats

15
Posts
2
Votes
Joanne Gonzalez
  • New to Real Estate
  • Charlotte NC
2
Votes |
15
Posts
Joanne Gonzalez
  • New to Real Estate
  • Charlotte NC
Replied
Quote from @Adam Schneider:

Did you have an attorney do the loan transaction? You should have a promissory note and deed of trust.


 Hey Adam, I was able to get help. They created a note and mortgage. Not a deed of trust, could you share a little more about that? 

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