If my father-in-law wants to sell my wife and I a rental house that he owns, what paperwork do we need to complete?
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If my father-in-law wants to sell my wife and I a rental house that he owns, what paperwork do we need to complete?
What needs to be filed with the courts?
Asked on November 15, 2010 under Real Estate Law, Texas
Answers:
Richard Weaver / The Weaver Law Firm
Answered 13 years ago | Contributor
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The answer depends on if it is going to be a cash transaction or is you will obtain a traditional loan or whether it will be owner-financed.
If it is a cash transaction, you will need a deed. But I recommend closing at a title company title Fidelity National Title and make sure there are no liens on the property.
If it is a seller financed deal, additional documents like a deed of trust will be needed.
Feel free to call if you have additional questions.
Lastly, have an attorney prepare the documents.
Richard Weaver
Attorney At Law
713-572-4900
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
First, I should say that if this is a method of estate planning for your Father-in-law then he should go and seek help from someone in the area that is qualified to help. But if you are genuinely purchasing the home you should enter in to a contract for sale. Once the contract for sale has been entered in to you can use it to obtain a mortgage for the property. Make sure that all the terms are there as required by Texas law. Many people do a title or deed search on properties that they are buying to make sure that there are no liens or encumbrances. Consider that. Once the mortgage is obtained then you can close on the house and a deed is prepared and filed and the house is yours. I would ask an attorney to help with this. It is not something to mess around with. Good luck.
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