Legal Question in Real Estate Law in New Jersey

Buying a house for $1

My parents own a house in addition to the one that they live in. My

fiance and I have been living in this house since January 1999.

We have been paying the monthly mortgage and taxes each

month to my parents. We have also been making extra payments

for the last two years. There is now only $13,000 left to pay on the

mortage. My fiance will be getting $10,000 soon from his mother's

life insurance policy. She recently died. We would like to pay off

the mortgage and my parents want to turn over the house to us -

free and clear. What is the best way to do this? What are the

procedures that we need to go through? The house is worth

approx $150,000.


Asked on 5/27/05, 9:31 am

1 Answer from Attorneys
Dale Lundquist (Solo)

Re: Buying a house for $1

I am not trying to be glib but your question just can't be answerted in the space and time allotted here. How often do you spend $150,000.00? Isn't it wise to make an investment of $500-$1,500 to see a lawyer and have him/her explain things so you can make informed choices, make sure the i's are dotted and the t's crossed and walk you through the process.

If you have never bought a home before, even though you are not getting a mortgage loan, there are a thousand things to do to make sure it's done right. Don't skimp now and regret it for years to come.

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Answered on 5/27/05, 9:53 pm


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