Legal Question in Real Estate Law in Massachusetts

Ownership Transfer w/ 2 Year Transfer Back Note???

Can a residential property have its title transfered from one person to another person with a promissory note that the property must be transfered back after 2 years? All invloved knowing a mortgage would be taken out on home for an investment. The note states that title must be transfered but does not set terms for the mortgage(10 years). Original owner wants property back but loan is still on property, is this a legal promissory note?


Asked on 8/05/06, 1:13 am

2 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: Ownership Transfer w/ 2 Year Transfer Back Note???

Probably. Two parties may enter into any legal and enforceable agreement. From what you said, I do not understand your concern, unless I am missing something. If you have a more specific concern or problem with this agreement, then please contact me.

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Answered on 8/05/06, 11:01 am

Re: Ownership Transfer w/ 2 Year Transfer Back Note???

It may be legal, but I would have the note and the Mortgage reviewed by your attorney. If you do not have one, get one.

You need to make sure you are properly protected. In some of these type transactions, the seller/borrower finds that they are not really protected.

Good Luck

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Answered on 8/05/06, 1:39 pm


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