Thanks, Rogue. Given me some things to think about. And as for the suggestions of buying him out, I really don't want to. I want to be rid of the property without any entanglements.
---------- Post added at 12:57 PM ---------- Previous post was at 12:53 PM ----------
Quote:
Originally Posted by The_Jazz
If you decide to help him, there are some relatively risk-free ways that you can do so and still get paid. The lien idea is one, and you should consult an attorney for others. With the lien, if he stops paying you back, he can't sell or borrow against the property without your consent or knowledge. If he sells, you're automatically first in line for any payment - including in front of him. But there are other options, should you decide that this is something you want to do.
And if you do decide to do it, there's no law, rule or manner that says that you can't charge him interest on the deal. Actually, I would suggest that you absolutely charge him interest.
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I will check into the lien idea. Thanks