Updated almost 8 years ago on . Most recent reply
Contracts When Borrowing From a Family Member
I am in the process of borrowing money from a family member for some remodeling. My accountant will be tracking payments, interest and principle paydown for us. For the actual contract, short of going to an attorney, do you have any recommendations, (companies, websites, apps., etc.) for a simple, boilerplate type contract that would be suitable. I would like to have it recorded, (I'm guessing with a title company?) in order to deduct the interest. Any words of advice or insight would be appreciated. Thank you.