It is not unusual for some people to get private loans from friends, family members, or other private creditors to purchase real property. These loans are normally extended, either because the debtor has exceptional credit or due to the familial or fraternal relationship the creditor has with the debtor.
Because the loan is taken not from a financial institution but a private lender, a customized agreement needs to be drafted. This agreement will usually include the normal terms of any standard loan agreement with some special provisions carefully crafted to reflect the intentions of both the debtor and creditor. A real estate litigation attorney can help draft this agreement for you.
Purchasing real property is a major investment, and offering a lona is a big commitment, so it is important to always have a real estate attorney represent you when making these investments. Should you need assistance, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at email@example.com.