Posted on: 08th Dec, 2008 12:56 pm
purchased house on contract for $20,000 have paid approx 1/2 of that amt and the house was destroyed by fire, mother in law wants to gift us the property (value about $6000) can we declare the contract null and void and receive the property as a gift on a warranty deed or must we satisfy the terms of the contract to get the deed? thank you
You should look up a local real estate attorney and have them review the contract.
hi sc_rad!
welcome to forums!
i think, if you and your mother in law are on the warranty deed, then she can sign a quitclaim deed in your name and transfer the property to you. however if there is a mortgage on the property, then you will need to refinance the mortgage in your name. but, as parmoney has suggested, it will be better if you could consult a real estate attorney.
feel free to ask if you have further queries.
sussane
welcome to forums!
i think, if you and your mother in law are on the warranty deed, then she can sign a quitclaim deed in your name and transfer the property to you. however if there is a mortgage on the property, then you will need to refinance the mortgage in your name. but, as parmoney has suggested, it will be better if you could consult a real estate attorney.
feel free to ask if you have further queries.
sussane