How to put a lien on a remote property

[Arjumand Bonhomme]

Situation:

I am going to be helping 2 relatives out of a jam with a property that
has gone into foreclosure. I have agreed to bring the property up to
date, and will eventually assume legal ownership/responsibility of the
property (ie they have agreed to sign the property over to me). But I
am not currently able to accept the property because I am in the
middle of another financial transaction, and it would greatly
complicate that process. I wish to have a lien (for the amount
necessary to bring the house up to date) placed on the property that I
am bringing up to date. The relatives have already agreed to the
lien, and the eventual signing of the property over to me.


Is there any simple form,document,statement,etc that I can have them
sign to secure the lien, WITHOUT having to find a lawyer. The
relatives and property are on the other side of the country, and I'm
not eager to attempt to find and choose a decent lawyer local to their
area.

[JRF30]

>I wish to have a lien (for the amount
>necessary to bring the house up to date) placed on the property that I
>am bringing up to date. The relatives have already agreed to the
>lien, and the eventual signing of the property over to me.

Big problem. If you only file the lien, that doesn't give you any rights to
the property. Only to your money that is investeed. And, you are in second
position. So, if they stop paying the first again, you will have to pay it
again, until you can put it in your name.

You should file a "right of first refusal" or even an "option" on the house.
It is a legal document that allows you to buy the house for a specific price in
the future. then, you don't hvae to rely on them signing it over later. The
agreement of the lien does nt nothing for you though. So, get an option or
right, and file that. Then you can ge the house later, at the agreed upon
price. PUt in it the caveats about whether you will pay cash, refinance it, or
assume the existing loans (if they are assumable). Put it ALL in writing,
relatives are notorious for giving the world when they need money, and then
forgetting what they said when they are whole again. get it in writing, or
forget about your lien, and expect an argument later.

JOhn