my husband and I are a week away from closing on our house yesterday his parents offered to buy the house for us and we pay them back

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my husband and I are a week away from closing on our house yesterday his parents offered to buy the house for us and we pay them back

my husband and i are a week away from closing on our house, yesterday his parents offered to buy the house for us and we pay them back (same terms as the bank loan)They say it is two-fold, they get a better return on their money ($219,000) and in the event of their death, the house is ours free and clear. I am not on board with this at all and my husband insists it’s a great idea. I feel there are so many legalities not even being addressed here, and we may end up screwed big time.

Asked on March 16, 2012 under Real Estate Law, Wyoming

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Rather than having your husband's parents buy the home for you where title is in their names, how about it they simply loan you the money at the same rate as the lender where they take back a mortgage (trust deed) on the property and you sign a promissory note for the loan. In essence they will be the lender.

So long as you make the monthly payments I see no problems for you so long as you have title to the property, not your in laws.

I suggest that you and your husband consult with a real estate attorney about the proposal to go over the pros and cons regarding it.


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