Crossville, TN asked in Real Estate Law for Tennessee

Q: My wife and I want to borrow $15000 from a parent to use to perform repairs to our property. Lien? Quitclaim?

We want to provide some security that we will pay the loan back. Should we use a lien on our property (Home), Mechanics Lien, or quitclaim deed? Or what do you suggest?

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
  • Knoxville, TN
  • Licensed in Tennessee

A: There are number of secured financing alternatives. A direct option is to give the Lenders a Note secured by a Deed of Trust against the real property improved. If the Note is not repaid, the Lenders Foreclose. Decent lawyers can draft and record such instruments. This can also serve for some asset protection from non-family entities. Do not go to a title company.

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