[WSBARP] voluntary lien on real property

[Bickel, Dwight]

The only real property lien that is appropriate is a Deed of Trust to secure the agreement for repayment.  A Promissory Note is not needed, because the amount due is not known.  A written agreement defining the reimbursement would be needed.  The amount due must be capable of determination at the time of default.  It should be signed, acknowledged and recorded at the time of the agreement to perfect the lien position and its enforceability against now unforeseen other creditors.  Waiting until the sale would be foolish, not only risking loss of priority, but also risking a sale to persons who have no knowledge prior to the appearance of the last-minute recording in the public records.


From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of James Van Damme
Sent: Sunday, March 22, 2015 8:35 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] voluntary lien on real property

PC's mother is elderly and is moving to a retirement home and they are planning on selling her mobile home.  In the meantime the PC is paying the mother's monthly lot rent.  PC wants to be repaid from the proceeds.

I could not find any specific statutory liens covering the situation.  Is the proper procedure to execute a promissory note secured by a deed of trust?  Should  PC then file the deed or wait until the home is sold.

Thank you
James Van Damme



________________________________
NOTICE: The information contained in this message is proprietary and/or confidential and may be privileged. If you are not the intended recipient of this communication, you are hereby notified to: (i) delete the message and all copies; (ii) do not disclose, distribute or use the message in any manner; and (iii) notify the sender immediately.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20150323/9ae5baeb/attachment.html>