Legal Question in Real Estate Law in Texas

Re: buying my parents home

You should talk with your parents and agree upon a sales price and terms of a loan. It appears that they will seller finance the house, meaning you will pay them over time. You should agree on an interest rate and the term of the loan.

Once you have talked this over, you should visit with an attorney who can prepare a promissory note, deed and deed of trust to complete the transaction. There are various responsibilities which the attorney can explain to you, such as you will need to pay the taxes and insurance from then on, and your parents will need to report to you the amount of interest you have paid each year, so that they can report it as income, and you can deduct it on your income taxes.

This should be a relatively simple transaction, but you will want to consult with an attorney to make sure the paperwork is done properly, and you all know what your responsibilities are.

Re: buying my parents home

Ms. Perales is correct. This is not overly complicated and won't required reinventing the wheel. But you should involve an attorney any time an asset this valuable is involved. I'm sure Ms. Perales or our Austin attorney can assist you.