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For one, I am NOT going on any paperwork at all until I am financially stable myself. We will not be hiring an attorney because we have a title company and our lender. I am taking my licensing test very soon so I know pretty well how to fill out a contract. The contract is not the problem I have here. Everything will be in writing and inspections will be done. We have gone over all the wills and etc and there is no statement about our house.Also everyone else in family is happy we are buying it. I talked to several people in the real estate business and there is no need for an agent or attorney for this sale. Thanks for the advice.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by owensmum775
For one, I am NOT going on any paperwork at all until I am financially stable myself. We will not be hiring an attorney because we have a title company and our lender. I am taking my licensing test very soon so I know pretty well how to fill out a contract. The contract is not the problem I have here. Everything will be in writing and inspections will be done. We have gone over all the wills and etc and there is no statement about our house.Also everyone else in family is happy we are buying it. I talked to several people in the real estate business and there is no need for an agent or attorney for this sale. Thanks for the advice.
If you've studied for the real estate exam, I'm sure you are now an expert at titles and vesting and lender requirements for loans. I think you stand to put yourself in a precarious situation if things don't work out as planned.
I'm sure you're great at filling out forms.
You've lived in the place for 5 years and you need inspections?
You've been given the best advice here: get an attorney. Despite what you've been told about it costing thousands to hire an attorney (and even if it did cost that much), it does not; consider that this is the single biggest investment of your life. Don't chance it going wrong.
Find a real estate attorney.
I agree 100% with this. Definitely should use an attorney when it comes to family matters as in this case. Not that a realtor cannot assist, but a realtor cannot offer legal advice.
Wait, you're taking your licensing test soon and so you're sure that you know as much as any real estate attorney or working agent about all the things that can go wrong in the average deal, never mind one like this, never mind one involving family? Oh, honey, have you got a shock coming!
Wait, you're taking your licensing test soon and so you're sure that you know as much as any real estate attorney or working agent about all the things that can go wrong in the average deal, never mind one like this, never mind one involving family? Oh, honey, have you got a shock coming!
I love your last sentence! I chuckled out loud.
I know we will be hearing from the OP down the line.
Wait, you're taking your licensing test soon and so you're sure that you know as much as any real estate attorney or working agent about all the things that can go wrong in the average deal, never mind one like this, never mind one involving family? Oh, honey, have you got a shock coming!
... not only that, 'taking licenseing test soon' therefore the impression is that they know what they're doing... yet, come onto C-D to ask what one should do but don't like what people have to say what one should do.
OP you really should seek an attorney, the transaction of said property is the least of the worries, but for the what if's ramifications and other related matters associated with unique purchase scenario.
"... NOT going on any paperwork at all until I am financially stable myself... " So, not going on title, nor as part of loan. So basically the fiance is buying it, ie no right to property - regardless whether marriage goes through or not, its then the fiance's property. (But no doubt the OP will still regard the property as part of prior family, therefore, potential squabble ... but then perhaps common law becomes a factor....another reason an attorney should be consulted ahead of time). Double check that if you are added to title after the fact that it no way constitutes the bank to call the note.
Wills mean squat... the actual title typically determines survivorship upon death; deed is merely an instrument to convey ownership. You mentioned grandma is willing to help pay closing costs, assuming its going to be handled as a concession otherwise lender and bank may have concerns about how and where the money is coming from; gift or whatever. To turn a blind eye is never a good idea; the transaction already isn't 'arm's length' which sometimes make lenders nervous.
Prorating the rent (and handling of security deposit) etc... outlined and agreed upon in your contract, will it be arrears or actually received? How about the taxes, and by what method? Escrow/Title company only disperse the funds, and go by what is instructed in the contract and/or closing instructions.... which should be prepared by relevant professional.
I'm not an attorney, and in no way does this post constitute legal advice or guidance relating to your scenario. You have a unique situation which requires appropriate planning, foresight and understanding inorder to avoid headaches later on, especially ones with legal ramifications.
If you've studied for the real estate exam, I'm sure you are now an expert at titles and vesting and lender requirements for loans. I think you stand to put yourself in a precarious situation if things don't work out as planned.
I'm sure you're great at filling out forms.
You've lived in the place for 5 years and you need inspections?
You don't need a real estate agent. You need an attorney. To avoid potentially upsetting your fiance's grandmother, you could tell her that you want to make sure to avoid any problems, so you want all three of you to sit down with the same attorney and work things out.
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