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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 years ago | Contributor

 

<!-- /* Font Definitions */ @font-face t{font-family:"Cambria Math"; tpanose-1:2 4 5 3 5 4 6 3 2 4; tmso-font-charset:1; tmso-generic-font-family:roman; tmso-font-format:other; tmso-font-pitch:variable; tmso-font-signature:0 0 0 0 0 0;} @font-face t{font-family:Calibri; tpanose-1:2 15 5 2 2 2 4 3 2 4; tmso-font-charset:0; tmso-generic-font-family:swiss; tmso-font-pitch:variable; tmso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal t{mso-style-unhide:no; tmso-style-qformat:yes; tmso-style-parent:""; tmargin-top:0in; tmargin-right:0in; tmargin-bottom:10.0pt; tmargin-left:0in; tmso-pagination:widow-orphan; tfont-size:11.0pt; tfont-family:"Calibri","sans-serif"; tmso-ascii-font-family:Calibri; tmso-ascii-theme-font:minor-latin; tmso-fareast-font-family:Calibri; tmso-fareast-theme-font:minor-latin; tmso-hansi-font-family:Calibri; tmso-hansi-theme-font:minor-latin; tmso-bidi-font-family:"Times New Roman"; tmso-bidi-theme-font:minor-bidi;} p t{mso-style-noshow:yes; tmso-style-priority:99; tmso-margin-top-alt:auto; tmargin-right:0in; tmso-margin-bottom-alt:auto; tmargin-left:0in; tmso-pagination:widow-orphan; tfont-size:12.0pt; tfont-family:"Times New Roman","serif"; tmso-fareast-font-family:"Times New Roman";} .MsoChpDefault t{mso-style-type:export-only; tmso-default-props:yes; tmso-ascii-font-family:Calibri; tmso-ascii-theme-font:minor-latin; tmso-fareast-font-family:Calibri; tmso-fareast-theme-font:minor-latin; tmso-hansi-font-family:Calibri; tmso-hansi-theme-font:minor-latin; tmso-bidi-font-family:"Times New Roman"; tmso-bidi-theme-font:minor-bidi;} .MsoPapDefault t{mso-style-type:export-only; tmargin-bottom:10.0pt;} @page Section1 t{size:8.5in 11.0in; tmargin:1.0in 1.0in 1.0in 1.0in; tmso-header-margin:.5in; tmso-footer-margin:.5in; tmso-paper-source:0;} div.Section1 t{page:Section1;} -->

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption