Legal Question in Real Estate Law in Kentucky

contract for deed

Hello: I purchased a house for my daughter 7 years ago.

She and her husband have paid mortgage payment since then.

I would like to find a way to have them take over complete

control, as taxes claim interest and so on.

I paid $20,000.00 down at time of purchase but I want nothing from them.The cost $87,000.00 and the balance now is $43,000.00. Thanks for any help


Asked on 11/13/03, 9:47 pm

1 Answer from Attorneys
John Faust Faust & McCarthy

Re: contract for deed

Hello,

You could use a deed with purchase money mortgage or a lease with option to buy. If there is a mortgage on the property, you should be certain that it doesn't contain a "due on sale clause" which allows the mortgage holder to accelerate the mortgage on sale of the property. Any competent attorney should be able to handle this.

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Answered on 11/13/03, 10:16 pm


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