[WSBARP] voluntary lien on real property

[Jennifer Johnson]

Is it just a mobile home on a rented lot in a mobile home park?  If so, it
is personal property, not real property.  You can do a loan agreement and/or
a promissory note with a future advances clause, and secure the loan by
filing a UCC financing statement.

Jennifer

Jennifer M. Johnson | Attorney
Hanigan Law Office, P.S.
P.O. Box 39 / 68 Main Street
Cathlamet, WA 98612
(360) 795-3494




 


On 3/23/15 10:44 AM, "Bickel, Dwight" <Dwight.Bickel at fntg.com> wrote:

> 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 
> 
>  
> 
>  
> 
>  
> 
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