The SELLER is my in-laws, and the contract states that we may pay off the remaining balance at any time, without penalty... They have the deed, title, and mortgage in their name... what type of contract do I need to get the profit?
2007-05-23 19:09:45 · 3 answers · asked by SHANNON S 1 in Business & Finance ➔ Renting & Real Estate
The contract is between my husband, them and I. We are in Ohio.
2007-05-23 19:52:30 · update #1
you do not need a further contract but you need them to assure you that any profit over your mortgage is paid to you . If they don't agree you do not have a case in your favor as until the sale you will not own the title and even then you could still have to pay any money that the sale does not produce if its lless than what you owe.~~
2007-05-23 19:17:59 · answer #1 · answered by burning brightly 7 · 0⤊ 0⤋
Depends on the state you’re in... Was there a Purchase Agreement between you and your in-laws? If there is no agreement you may not be entitled to a Penney...
2007-05-23 19:17:33 · answer #2 · answered by jsabusinessteam 1 · 0⤊ 0⤋
I think that as long as it is in there name the check will be written to them. I think that you need to make a deal with your in-laws. As long as the Title is in there name the check will be to.
2007-05-23 19:19:22 · answer #3 · answered by mickeyid 2 · 0⤊ 0⤋