Legal Question in Real Estate Law in Texas
Security Interest in Real Estate
What document should I file to record a security interest in a house when the purpose is to keep the current owner from selling without my consent. I paid for the house for her, but do not wish for her to pay me back. The house is currently in her name, but she will sign whatever document is required for this purpose. I could also put my name on the deed, but am not sure what deed to use for that. Thanks!
2 Answers from Attorneys
Re: Security Interest in Real Estate
There are various ways to deal with this. The simplest and safest for you is to have an option to purchase the house back for a nominal amount, but I'd have to check the case law to be sure that would be enforceable. You can get on the title, but she could still force a sale in the future.
Re: Security Interest in Real Estate
You can file a notice of equitable interest (which may or may not work) or the current owner can deed you an undivided interest in the property. Since this is Texas, don't use a quit-claim deed, use a warranty deed so title remains insurable. I typically charge $100 for such a document plus appx. $20 filing fee.
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