Hi, I’m from Texas. Right now my family wants to gain ownership of the house we’ve been living in. We’ve always paid the mortgage directly, but the house isn’t under our name.
I’m not entirely sure what the best way to go about this is. Should we do it as a gift, purchase, lease-to-own contract, or assume the mortgage? We’d like to find the most efficient and cost-effective process. Ideally, we want to just take over the remaining mortgage and cover any transfer costs.
The house is currently under a close friend’s name, and they’re happy to do whatever we want. But neither of us knows what the best route is. Any advice would be greatly appreciated!
Please see a local real estate attorney and pay a few hundred bucks for good advice. If you mess something up, and the current owner dies, you’d have to sort it out with their heirs, which could become a big mess.
Definitely talk to an estate lawyer. Go to NAELA.org to find one near you. If this isn’t done right, the owner’s heirs could accuse you of exploitation later on.
Zephyr said:
Definitely talk to an estate lawyer. Go to NAELA.org to find one near you. If this isn’t done right, the owner’s heirs could accuse you of exploitation later on.
You could also look into transferring the house into an LLC that you own, but you still need legal advice.
I’ve been a licensed real estate agent for 24 years, and I’d recommend consulting with a real estate attorney. This situation is too complex for Reddit to solve.
If you’re not on the deed, your parents will need to sell the house to you. You can include a “gift of equity” in the contract to cover the down payment and costs. If you are on the deed, you’ll likely need to refinance.