Legal Question in Real Estate Law in Indiana
Property transfer options.
House and land are owned by my Mother. Free and clear. I want to transfer the home to my name, then mortage the home to pay off debt, and pay a large percentage of the ''ultimate buying price'' of the home. We have agreed on a price, but remain flexible on the term. It's likely I'll mortgage about 70% of the value of the property, pay the debt, pay 50% of the selling price, and negotiate the term for the remaining 50%. (likely ten years)
How to accomplish this and still protect my Mother's remaining interest in the home?
Thanks!
1 Answer from Attorneys
Re: Property transfer options.
Your mother should hire an experienced local real estate attorney, who will know how to draft the necessary sale agreements, transfer documents, loan agreements, etc., to accomplish what you want. The attorney will want clear instructions from your mother about her wishes in the matter. She can add the attorney fees to the cost of the house, which you will cheerfully pay.
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