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?
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
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.
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