Rome, NY asked in Real Estate Law and Landlord - Tenant for New York

Q: What paperwork do I need to get drawn up?

We want to purchase my brother's house he's willing to sell it to us at what he still owes its him his wife on it and his father inlaw as a co signer. We are building our credit currently and we don't have anyone to co sign for us. My brother said we can make monthly payments for the house. What kind of paperwork would I need drawn up and does all 3 of them need to sign it and does it need to be notarized also at the end of the agreement how do we go about switching the title to our name?

2 Lawyer Answers
Elaine Shay
PREMIUM
Elaine Shay
Answered
  • Landlord Tenant Lawyer
  • New York, NY
  • Licensed in New York

A: Unfortunately, real estate transactions between family members that are done informally without an attorney often result in disputes down the road. Therefore, it is important to obtain legal representation to properly document this proposed transaction and best protect yourself instead of asking what paperwork you need.

Steven Warren Smollens agrees with this answer

Steven Warren Smollens
Steven Warren Smollens
Answered
  • Landlord Tenant Lawyer
  • New York, NY
  • Licensed in New York

A: As long as there is an institutional lender (for example, a Bank) with a mortgage, the new owners will need to qualify for their own loan to pay off the existing mortgage. A transfer by deed from the current owners to you without permission from the existing lender will initiate a mortgage default.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.