daughter buying house from father...he is holding note

Guest

My husband and I are buying my fathers house. We cannot get a mortgage at the current time. We have given him a large deposit down and are paying him monthly, this monthly money is going toward princpal. How do we legally document this so we are covered if something happens to my father?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1735 35.94 Dollars($)

You need to have soem legal agreement between you andyour father exapling the situation

Also it is good to have an attorney who can draft this for you

Guest

Let your dad sell the home to you with him holding the mortgage

jerry · Posted: Wed Sep 30, 2009 5:19 am Post subject:

Hi CEM,

There needs to be some sort of an agreement between you and your father. Otherwise, it will be difficult for you to prove your rights to the property. A refinance would have been the best possible option in this situation. But since that is not possible at present, you must get an agreement drafted by an attorney. You can do a rent-to-own type of agreement, whereby you will pay your father monthly rent which will be applied towards the principal and after a certain number of years you will refinance the loan in your name and take over the ownership of the house. Consult an attorney as he is the right person to help you in this situation.

Thanks,

Jerry

gmakerley · Posted: Wed Sep 30, 2009 7:30 am Post subject:

kev, that is precisely what CEM described.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1735 35.94 Dollars($)

Jerry thank you for your addition

frankmcdowell2000 · Joined: 07 Sep 2009 Posts: 57 0.00 Dollars($)

alternatively, your father can make you coowner by signing a quit claim deed.

All times are GMT - 7 Hours

Page 1 of 1