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Buying house from parents

Posted on: 23rd Jan, 2006 07:15 am
In 2000 my inlaws took out a second morgage and bought a house for my family. The agreement was I would pay the second morgage, any taxes on the home and all other expences. When it came time for my wife and I to buy the house we would buy it for the remained on the second morgage they took out on there house. Now I want to buy the house that was bought with the second morgage from them. The deed is owned by the inlaw free and clear. Is a Quit Claim to tranfer the property over to us, so my wife and I can take out a morgage, a good way to handle this situation? My credit union said they will grant me a second morgage if the property was in our names.
hi sclossin,

welcome to mortgagefit forums.

quit claim deed is required to transfer the interests in the title ownership of the property but it doesn't guarantee that there is no other claims in the property.

if you are sure that the title in the property is clear and free from any other dispute, you can certainly go for this deed to transfer the house in your name.

do make the deed properly signed and authentic by getting it notarized. involve an attorney in the process. also, don't forget to record the deed in the county's recorder office to avoid any future hassles.

feel free to ask if you have any more queries.

god bless you.

for mortgagefit,
samantha
Posted on: 23rd Jan, 2006 08:37 am
Hi Sclossin,

A quit claim is good enough to transfer the ownership interest in the property but only if are sure that the title is clear from any disputes.

Otherwise you may opt for a grant deed or a warranty deed which transfers ownership and implies certain promises which includes that the title hasn't been transferred to someone else or encumbered except as stated in the deed.

It's always better to consult and attorney to decide on the type of deed that will suit your condition best.

James
Posted on: 23rd Jan, 2006 08:47 am
We are going to buy my parents house directly from them. (no realtor or mls services). How do we do this? Do they have to officially "put it on the market" Do we simply do a title transfer? Seems like this should be a relatively easy process....but unsure how to initiate.
Posted on: 11th Feb, 2006 09:19 am
Yeah CW,

Its a easy proceess as its all going to be within the family. No you dont have to make it public. The title can be transfer through quit claim deed.

Go ahead and have it. All the best.
Posted on: 11th Feb, 2006 10:08 pm
Yes as Mac said it is a very easy process. You easily transfer the title of the property through a quit claim deed. And whether you need to make public or not, well i am not sure of this. Better if you take a attorneys help.
Posted on: 12th Feb, 2006 04:41 am
In 2000 my inlaws took out a second morgage and bought a house for my family. The agreement was I would pay the second morgage, any taxes on the home and all other expences. When it came time for my wife and I to buy the house we would buy it for the remained on the second morgage they took out on there house. Now I want to buy the house that was bought with the second morgage from them. The deed is owned by the inlaw free and clear. Is a Quit Claim to tranfer the property over to us, so my wife and I can take out a morgage, a good way to handle this situation? My credit union said they will grant me a second morgage if the property was in our names.

There are sseverla ways to go about this transaction. Is your agreement in writing dated back in 2000? If it is since you are not on title this can be treated as a lease option refinance as long as you can document via cxl checks that you have been making the payments. The second option depending on credit scores is to have them quick claim you onto title and them do a cash out refi to pay off the open second.

Either way a good broker should be able to put this together for you.
Posted on: 12th Feb, 2006 09:22 am
Hello,
My mom has a house which is solely in her name . Due to financial crunch she wants to sell off the ground floor and contrsuct a smaller flat on the 1st floor and shift there . My husband and mysef are looking for a house anyways . So can we buy off my mother's ground floor by taking home loan? Few banks have said that the heir cannot be given loan to buy parents' house! Now if its a proper,logical and legal deal why cant it be done .We wishto take the loan in joint name i.e my husband and myself.
Posted on: 12th May, 2010 06:31 am
Relatives can purchase from parents. That is not a problem.

A bigger concern I have is that you are tlking about buying part of a house, not the entire house. I have heard of mortgages for first or second floors many years ago. I have not heard of any such thing any time recently. Not sure if mortgaging one floor of a house is available.
Posted on: 12th May, 2010 08:08 am
Its not really part of the house. Its the entire ground floor that we would be buying. The roof right will remain hers and hence she will construct a flat on the 1st floor and stay there. We have all corporation papers etc in place .
Posted on: 17th May, 2010 02:40 am
What is the rule in India as per the Reserver Bank of India regulations.. that needs to be seen.
Posted on: 17th May, 2010 02:41 am
Hi Sucheta!

Welcome to forums!

You need to contact India based lenders. This community mainly helps US people who have mortgage and finance related queries.

Feel free to ask if you've further queries.

Sussane
Posted on: 17th May, 2010 09:59 pm
It is very important to find the forum, where there are alot of helpful information and facts. thank you very much, i really enjoyed reading this thread!
Posted on: 24th May, 2010 06:13 am
My mom is not able to care for her property, she owes $60,000 on it. It accesses for $159,000, but it needs new windows and siding for roughly $25,000. We wish to fix it up and let her live in it for free for the rest of her life. She is 79 years old, and our worry is if she needs to be on medicaid within 5 years of this, are we on the hook for her medical expenses? Or can we subtract the cost of fixing it from the value? We wish to give her $100,000 dollars for it, and do the updates needed. thanks
Posted on: 25th Aug, 2010 04:16 pm
My mom is not able to care for her property, she owes $60,000 on it. It accesses for $159,000, but it needs new windows and siding for roughly $25,000. We wish to fix it up and let her live in it for free for the rest of her life. She is 79 years old, and our worry is if she needs to be on medicaid within 5 years of this, are we on the hook for her medical expenses? Or can we subtract the cost of fixing it from the value? We wish to give her $100,000 dollars for it, and do the updates needed. thanks
Posted on: 25th Aug, 2010 04:18 pm
My mom is not able to care for her property, she owes $60,000 on it. It accesses for $159,000, but it needs new windows and siding for roughly $25,000. We wish to fix it up and let her live in it for free for the rest of her life. She is 79 years old, and our worry is if she needs to be on medicaid within 5 years of this, are we on the hook for her medical expenses? Or can we subtract the cost of fixing it from the value? We wish to give her $100,000 dollars for it, and do the updates needed. thanks
Posted on: 25th Aug, 2010 04:19 pm
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