Can I buy a home in florida with Land Contract or quit claims deed.?

Question

I am taking over the house from my mother in law. She has a mortgage on it. We want to do a quit claims deed to make sure that after I pay the morgage off she doesn't want the house back. Is a Quit claims deed enough. We are doing this because I don't have any credit and after i show that I am the one paying on it I can refinance.

Answer 1

If you are already concerned about her wanting the house back, don't do a land contract (AKA contract for deed). On these, when you do get your financing together, you need her to sign it over to you. If she refuses, if you can't find her, if she's died, you've got trouble... you called her your mother in law..... if you get divorced from her son... probably trouble too.

Answer 2

The quit claim I don't think it will help you since the other contract was signed when he still had interest in the property.. I believe that his brother now has 1/2 interest in the property if indeed your husband did own half of it before.. that is, if the brother uses his contract. Is the contract the brother has assignable.. is it limited by time... ? It would be interesting to find out whether or not the brothers contract will still be good if he didn't execute it prior to the signing of the quit claim- I'm almost sure that his contract will still be good.. others with more experience will know for sure. What state are you in? --------------- It goes without saying that neither the contract with the brother nor the quit claim would absolve the husband of his liability or free him from any onbligation... I'd like to know what keeps a married person from selling their interest in a property..... would that not be a state specific issue or is it supposed to be the same in all states? If the husband has an interest in the property and sells it before signing a quit claim to someone else I don't see how the quit claim could be good. OF COURSE the husband has given up ALL RIGHTS to the property NOW but that's not the question. Of course he is still responsible for his part of the financial obligations- that's not the question.