Legal Question in Real Estate Law in Washington
liens
I'm selling my home to a daughter that can't really afford it. She will make the payments on it but owe me the balance. I'd like to add her name to the title, but am worried about the liability. Can I put a lien on it so that I am first paid in the event of a sale?
2 Answers from Attorneys
Re: liens
In this situation a lien is not necessary because you can create a security interest in the real estate through the transfer. The law of mortgages is more relevant to your transfer. You my, depending on the terms of the deal, receive a mortgage, deed of trust or sell via an installment contract, the latter being the simplest and most protective to your interest.
Financing the sale of real estate yourself can be a tricky ordeal and requires safe and effective documentation. A real estate attorney can assist you in completing your transfer and protecting your interest in the land by drafting suitable documentation.
Feel free to contact our law office if you need assistance - [email protected]
Re: liens
In this situation a lien is not necessary because you can create a security interest in the real estate through the transfer. The law of mortgages is more relevant to your transfer. You my, depending on the terms of the deal, receive a mortgage, deed of trust or sell via an installment contract, the latter being the simplest and most protective to your interest.
Financing the sale of real estate yourself can be a tricky ordeal and requires safe and effective documentation. A real estate attorney can assist you in completing your transfer and protecting your interest in the land by drafting suitable documentation.
Feel free to contact our law office if you need assistance - [email protected]
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