Legal Question in Real Estate Law in Missouri

Re: best way to purchase rental house

Go to several Mortgage or home finance companies, and see who could offer you the best rate. Then purchase the property from her outright. This would create the least hassle and make the transaction quick and simple. There are other options, but they take longer and have the potential for more hassles.

Good Luck

Re: best way to purchase rental house

The previous response is certainly a good one, as far as it goes. To buy the house you will need a Real Estate Sales Contract. We prepare these for people regularly. Then, depending upon where the property is located, you will need a Quit Claim Deed or a General Warranty Deed in order for the real estate to actually be transferred to you. If you do not finance the purchase with an outside lender, then you may also use a Promissory Note and a security instrument such as a Deed of Trust. Often the buyers obtain title insurance through a title company which will defend your title to the property in case there is ever any problem. Be sure to obtain expert tax advise from a professional tax advisor because there are definitely tax consequences to what you are proposing. I hope that this response has been helpful for you. If you would like a free telephone consultation you may call me at my office .