it is still in her deceased husbands name. it hasnt gone through probate. She only owes about 11,000 on it. she wants us to take over then when we pay off the house start paying her. she wants 17,000 half of what she bought it for. how can we do this legally. she wants to keep her name on it until its paid but we want our name on it. we don't want to put money into fixing it up in case she decides she cant handle it on her own and wants it back.
2007-02-24 02:44:15 · 8 answers · asked by jen31 2 in Business & Finance ➔ Renting & Real Estate
i forgot to mention. she is currently contracting to deed the house. so there's no banks or realiters involved. the person she has the contract with is a family friend.
2007-02-24 02:57:53 · update #1
thanks for all your answers, we just talked to the lawyer and he said its no problem, they got it all figured out and it won't have to go through probate. yeah! i now own a house!
2007-02-24 05:45:22 · update #2
I'm sorry, but this sounds like a serious financial decision.
In your position, I would take professional advice before doing anything - Possibly a lawyer and an accountant? I know it's quite expensive, but probably well worth it for the peace of mind.
I hope it all goes well for you all...!
2007-02-24 02:54:43 · answer #1 · answered by TK_M 5 · 0⤊ 0⤋
Personally, I would get a lawyer and get the paperwork drawn up to purchase the house, fully! Get a home loan for the 11,000 to pay off the house and then the 17,000 to pay her what she wants. If the property is not worth the 28,000, you may need to take out a home loan and then a home improvement loan to accomplish this task. Then she can either pay you rent or you can allow her to live in the house for as long as she lives. My decision there would definitely be based on the type of relationship you BOTH have with the woman and the kind of person she is (ex. is she an honest person or the devil in disguise).
A lawyer can answer all your questions about the house and probate. But I would definitely make sure if I put one dime into the house that my name was on the deed.
Discuss this with her thoroughly before you engage a lawyer in the process. Maybe mommy dearest would like to move into a small apartment once she has her money. Find out all her thoughts on this matter or you may find yourself with the tenant from HELL!
Be sure you know the risk you are getting yourself into. Families are destroyed by good intents gone wrong!! Your family will not be an exception. I promise you that, no matter what you think now.
Good Luck!!!
I am unsure what you mean about the deed and the family friend. But I can tell you the words, contract, money and family friends do not belong in the same sentence---because it does not work out well.
2007-02-24 02:58:40 · answer #2 · answered by Mee-Maw 5 · 0⤊ 0⤋
At first, it didn't sound so bad, although seeing a lawyer is definitely in order. However, when your additional details were added, if accurate, it sounds as though she's selling to someone else via a Contract for Deed (aka Land Installment Contract.) If this person makes 40% of the payments to her, a Deed can then be issued to them, In the meantime, though, she cannot otherwise encumber the property, as the Contract for Deed must be recorded in the Land Records for the jurisdiction in which you live.
Before doing ANYTHING else, contact a lawyer who specialize in real property law. A few hours of time spent with them might save you $17,000+.
Good luck.
2007-02-24 03:11:31 · answer #3 · answered by Rob B, of MD 4 · 0⤊ 0⤋
What is the value of the property? I would suggesting arranging a Transfer of Equity - speak to a bank or buidling society about arranging for borrowing to cover what equity to wish to purchase off your mother-in-law - you could pay her off with the borrowings and then owe money to the bank instead.
The problem is that if you don't sign any agreement or contract then any money you pay to her may not give you anything
Also, I think you need to check the rules on probate - i.e. to see who owns it officially.
2007-02-24 02:52:23 · answer #4 · answered by Alex N 2 · 0⤊ 0⤋
You should talk to a lawyer specializing in real estate law. It sounds a bit fishy to me. Make sure it goes under your names once you start paying her money. I would suggest paying 11,000 to her mortgage company and the 6000 to her, so that there is no dispute with the mortgage not being paid.
2007-02-24 02:52:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I would suggest you contact a real estate attorney to assist you thru the probate and acquiring the home.
2007-02-24 03:36:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You need a lawyer. Be VERY careful with this one.
2007-02-24 02:48:50 · answer #7 · answered by nthernlites40 4 · 0⤊ 0⤋
I wouldn't do this until I spoke to a lawyer and got his advise.
2007-02-24 02:48:12 · answer #8 · answered by ruth4526 7 · 0⤊ 0⤋