Legal Question in Real Estate Law in Arizona

I own a piece of property adjacent to my home. With the current recession I got behind on my home mortgage. A personal friend made a loan to me to catch up, with the understanding that I would pay when vacant lot sold. The sign has been up for several months, and still no buyer. In the meantime, business still slow, behind again. can I provide lien to friend so he has first position in case someone else tries to lien it?


Asked on 4/18/10, 10:38 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Yes, you must do so properly (promissory note and deed of trust) and record the lien.

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Answered on 4/24/10, 7:19 am


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