Legal Question in Intellectual Property in California

Pomisery Note-Secured

I am borrowing $10,000 from my brother who lives in Chicago,IL.

Iam in California ,I would like to know which promisery note I should use,are there different for different states.

I have 10 acer land which I would put to secure the loan in case some thing happens to me my brother should have land as security.

Please advise which is best way to do this agreement and what forms to be used and shuold they be Notorised.

Thanks

Qaid


Asked on 5/09/07, 1:44 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Pomisery Note-Secured

The usual way to secure a loan of money with real estate in California is to use a Note and Deed of Trust (sometimes referred to as a "mortgage" even though it isn't one). The Note used with a Deed of Trust is a promissory note, but has somewhat different wording than that found in a promissory note that isn't secured, or which is secured by collateral other than real estate.

I would suggest you visit an escrow or title-insurance firm in your town and ask if they can do the paperwork for you.....I don't think you need a formal escrow, but the escrow or title company can perhaps provide the forms, the notary, and the recording services.

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Answered on 5/09/07, 5:26 pm


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