Q: I am financing a home purchase for son. Do I need attorney to prepare documents for such loan?
A:
It would be a good idea. I know of an instance in which some people tried to use documents downloaded from a legal self-help website in order to sell a house and take back a mortgage. The problem was that they downloaded an appropriate promissory note but didn't download a mortgage. So they signed a deed to the house transferring it to their buyer, who signed the note but didn't sign a mortgage. This meant that if the buyer stopped paying on the note (as he did), the sellers could not foreclose their mortgage (because they didn't have one). Thus they in effect sold a house for 6 months worth of payments. They could get a judgement for the debt but had no way to collect it against the debtor.
Real estate transactions are fraught with risk. An experience real estate attorney can help you avoid them and provide you no more than you need. Contact one or more in your state. Many offer free initial consultations. Good luck.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
