What is the easiest way to go aboutbuying a home from my parents if they will hold the mortgage?

Asked on November 11, 2011 under Real Estate Law, New York


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your parents are willing to carry the paper on the sale of their home to you, you need to enter into a written purchase agreement with them for the home stating the price and their willingness to loan you a certain amount for a certain period of time at a certain interest rate.

Set up an escrow, Have a promissory note and a mortgage (deed of trust) signed by you and have the mortgage and transfer of title deed recorded. You then make payments to them monthly under the note. Good luck.

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