Legal Question in Real Estate Law in Texas

Quit Claim Deed possible?
My brother has a house that he bought last november and It was a reposession. Well on the house paperwork it has a clause that states that there is a prepayment penalty of 20% if the house loan is paid in full or sold in less than 36 months as far as I understand. Well he had to leave to another city for employment purposes and he wanted me to do an assumption of the house but the bank denied it for some reason eventhough my credit is not the problem and I have a primary residence myself and a good job. Well now I'm going to keep paying the house and I'm going to keep the house as my second home for my parents. He's married now and I would like to have some kind of legal document agreement between me and him till the 36 months are complete and I can buy the house and transfer it over to my name. Would we need a quit claim deed or another legal form. Or is there any other available options that I might have. Also if we would do the legal form and I would decide to rent this house in the future could I submit all expenses and income in my tax return or would it had to be in my brother's. I appreciate any help or feedback you could provide. sincerely john. thanks.

Asked on 4/06/07, 9:12 pm

Cheryl Rivera Smith The Smith Law Firm

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Re: Quit Claim Deed possible?

Basically, you need a lease-purchase option to buy. Contact an attorney to help you. It should not cost over $500 to accomplish your goals.

Answered on 4/07/07, 10:12 am

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