Legal Question in Real Estate Law in Florida
Investment protection
I am lending money to a nephew so he can buy a house. I will give him 25,000 and closing costs. He knows it is an investment from my part, that way he gets a house and I get a 75% return on my money once the appartment is sold in a few years. My question is what kind of document is best suited to protect my investment and assures me that I get my money back? the house is in his name only and I need to come up with a better way in writting to ensure that I get my money back. What should I do? Thanks for the help.
2 Answers from Attorneys
Re: Investment protection
Promissory note or mortgage come to mind.
Re: Investment protection
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
If you truly want to consider this as an investment, treat your nephew like a bank would. Have him sign a mortgage and a promissory note in your favor. Record the mortgage with a copy of the note in the public records of the county in which the property is located. This will ensure repayment and protect you against any subsequent creditors.
Scott R. Jay, Esq.
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