Legal Question in Real Estate Law in Massachusetts
Promissory note
My father is selling his house to his nice. And she still own him $60,000, she has to pay it back with a year, with no interest. Which is the best procedure to protect my father situation.
2 Answers from Attorneys
Re: Promissory note
To record a Mortgage for $60,000 and document the loan with a Note.
Re: Promissory note
Your father should consult with an attorney to have a proper deed, promissory note, and mortgage prepared. There are a variety of questions which the scenario raises, including whether there is an existing mortgage, whether the sale is for full and fair value, whether your father would be needing long term care in the near future, etcetera. It would be wise to consult with an attorney in your area with competency both in real estate and elder law/estate planning, assuming that your father is older.
Good luck.
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