Posted on: 27th Sep, 2009 10:07 am
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?
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
Also it is good to have an attorney who can draft this for you
Let your dad sell the home to you with him holding the mortgage
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
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
kev, that is precisely what CEM described.
Jerry thank you for your addition
alternatively, your father can make you coowner by signing a quit claim deed.