Posted on: 15th Jan, 2009 03:13 pm
hi,
my husband and i are now renting our home from my parents. we want to buy the house from them. there is only 31,000 left on their mortgage. my dad said we can buy the house from them for 60,000 or keep paying rent(the mortgage payment) and when he retires in 5 years he can transfer the title over to us. obviously the second is a better deal, but my husband really likes to have things in writing. any suggestions would be greatly appreciated. thank you.
my husband and i are now renting our home from my parents. we want to buy the house from them. there is only 31,000 left on their mortgage. my dad said we can buy the house from them for 60,000 or keep paying rent(the mortgage payment) and when he retires in 5 years he can transfer the title over to us. obviously the second is a better deal, but my husband really likes to have things in writing. any suggestions would be greatly appreciated. thank you.
Hi heyme!
Welcome to forums!
You can go for the rent to buy option. It is a sort of a specialized tenancy agreement which allows the tenant to rent a property for a certain period of time with the option to buy it at the end of the rental period. You can consult a lawyer and he will help you in drafting the deed. He will also help you in knowing the pros and cons of the deed.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can go for the rent to buy option. It is a sort of a specialized tenancy agreement which allows the tenant to rent a property for a certain period of time with the option to buy it at the end of the rental period. You can consult a lawyer and he will help you in drafting the deed. He will also help you in knowing the pros and cons of the deed.
Feel free to ask if you have further queries.
Sussane
thanks a lot sussane, i never thought about consulting a lawyer about this. thats a great suggestion. we will probably do that.