How to draft loan documents?
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How to draft loan documents?
My longtime girlfriend and I want to buy a home. My daughter and husband will loan us the money if we provide some legal documentation stating that the loan will be repaid in the event of my death by my girlfriend. How can we do this?
Asked on September 6, 2011 under Real Estate Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The easiest way for a loan between family is to type out the loan document setting forth the terms (amount loaned, interest rate, length of loan and security for it), have it signed as well as a promissory note and a security agreement for the loan recorded on the property that is the basis for the loan.
There are numerous sources online that you can use as templates for what you want done to give you guidance. You might also go down to your local county law library and ask the librarian for assistance with the forms that you will need so you can draft up what is needed for the loan you want and need.
Good luck.
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