Legal Question in Credit and Debt Law in Nevada

lending money to a friend

i would like to purchase a legal form that would be used in case i lend money to my friend as monthly checks. here is the situation. he bought a house. and the title and loan are under his name. i will help him pay the loan by writing him checks for a certain amount of money every month. this will go on for 2-4 years until he is ready to sell the house (based on our mutual decision). this is like a investment for both of us so the house will be ours, only he will have the title. now the thing is, when he sells the house i will get my money back plus the value the house gaines -mainly whatever he makes from that house in let's say 2 years, based on the percentages of how much we put in, we both will get that much return. what kind of a form would cover this. also there needs to be something in the contract that says that he either has to sell the house within five years, and he cannot just hold onto it as he pleases OR he has to refinance it to pay me my share when the time comes and he will continue to pay his home loan by himself. i hope this is not too complicated and that there is a form out there that fits this situation. thank you very much.


Asked on 9/26/06, 7:07 pm

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

Re: lending money to a friend

A recorded deed of trust would secure whatever obligations might arise once the terms of the agreement are negotiated and reduced to writing. Since you are not clear on the terms of the agreement, the written agreement likewise cannot be clear. See an experienced real estate attorney at your earliest opportunity, and prior to any money changing hands.

Read more
Answered on 9/28/06, 8:53 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Nevada