Legal Question in Real Estate Law in California
second trust deed
a family member made the down payment on my new house. I want to make sure they are second in line, after the bank, to receive payment is I was to die. How do I do this?
Asked on 12/26/07, 5:46 pm
1 Answer from Attorneys
Laura Spano
Law Office Of Laura J. Spano
Re: second trust deed
A simple promissory note secured by a deed of trust will do the trick. If you record this second deed of trust after the bank's deed of trust (and the bank is first), your family member will be second in line, as long as no other liens or deeds of trust are recorded before you record your family member's deed of trust.
HOWEVER, certain liens can be recorded that would "jump ahead" of the existing deeds of trust. These typically are tax liens.
Let me know if you would like assistance in creating these documents.
Answered on 12/26/07, 6:56 pm
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