Q: Im thinking about buying my Parents home in a private sale.They would reside in it, pay rent, utilities.
I live in Philadelphia, pa. Is this okay legally? They are Retired fixed income, I want to help. Help!
Thanks, Sharon
A:
It is Legal. I suggest that you should consult with an attorney to talk through the long term issues that can arise in the future so that you know what to expect before you buy.
Good luck
A: Yes, that is absolutely legal. I assume your parents live in FL, so you would need to engage the services of a Florida Real Estate attorney to draft the appropriate documents. Just realize that if they don't pay rent, you will still be responsible for taxes, insurance and any mortgage payments. Don't create a financial burden for yourself unless you are completely sure that you can comfortably support 2 homes on your own. Best of Luck! Jennifer
A:
As stated - this is completely fine. However there may be better alternatives, such as a reverse mortgage.
If you are paying cash it is simple - but not so simple if you are going to be paying for the house in installments (with a mortgage). You need an attorney to help you sort the legalities with the CFPB and other issues.
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