Legal Question in Real Estate Law in Maryland

There are two primary ways to set up a purchase as you described. The parties can either do a land installment contract where the purchase price is paid in monthly installments (but a deed isn't recorded immediately) or the selling family member can deed outright with a private mortgage loan to the buyer. Any mortgage lien should be recorded but so long as you set it up properly and the parties agree one can avoid using a bank or commercial lender.

There are pros and cons to either set up which you may wish to discuss with legal counsel.

If return on money is a concern, the buying family member can agree to pay competitive interest. However, attorneys are not usually financial advisors and figuring out the best investment is a different question.

You are encouraged to seek legal counsel as preparing the mortgage or other paperwork with such a transaction involves a variety of legal considerations. My firm assists with private seller-held mortgages or land installment contracts on a flat fee basis and you are welcome to call for a no cost phone consult of up to 10 minutes or contact another Maryland lawyer or firm of your choosing.

While I hope this general information helps, it is not intended to create an attorney/client relationship or to take the place of specific legal advice.