Legal Question in Real Estate Law in Texas

My husband live in the state of texas and are purchasing a new home. My mother-in-law is moving in with us and giving us $70,000.00 to put towards the $320,000.00 purchase price. We are not putting her name on the mortgage. What legal document can we use to show her that in the event of the sale of the house or a divorce that she is entitled to her share of the money that we would get from the sale of the house if this should arise?


Asked on 5/06/10, 11:24 am

1 Answer from Attorneys

She can either place a second lien on the house (difficult) or you can deed her an interest in the house (easy.) You will need to inform the mortgage and title companies of your actions in advance, however.

Dave

http://leonlaw.com/askalawyer/disclaimer

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Answered on 5/11/10, 1:16 pm


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