Legal Question in Real Estate Law in Texas
In Pasadena Texas (77502), What is required for the sale of real estate from a man and his wife to his grandson? The seller had the house built more than 50 years ago, and there are no liens on the property. The sellers and the buyers all current reside in the home. There are no judgments past, present, or pending against the sellers either.
1 Answer from Attorneys
It depends on how the property is to be sold. Is it a lump sum? Or is it being financed?
If it's a lump sum, then a sales contract + a deed would likely do the trick. You can probably get this done for a few hundred dollars.
If the property is to be financed, then in addition to the sales contract and deed, you would also have to execute a note and a deed of trust. This would cost a few hundred dollars more.
I would also strongly recommend a title policy.
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My mother would like to give us her home, but she still owes on the mortgage Asked 11/11/10, 10:49 am in United States Texas Real Estate and Real Property
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