Legal Question in Real Estate Law in Texas

Real Estate

My parents own house #1 outright (worth $130,000) and have purchased house #2 which they live in ($150,000 w/a mortgage). House #1 is up for sale and my husband and I are thinking of buying it. What is the least expensive way for us to do this? We have excellent credit and will need to borrow the money to pay them for the house. I've heard they can transfer ownership or can deed the house to us. Would we then just go to a mortgage company and borrow the money to pay them? We live in the Dallas area, in case that makes a difference.

Thanks!


Asked on 11/18/08, 11:35 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Real Estate

The mortgage company will require title insurance. They will have a title company that they use, so the title company close the transaction and you can be assured that the closing will be done correctly. Be sure and shop around for your loan because mortgage rates and fees are negotiable. Title insurance premiums are fixed by the state, so the premiums are non-negotiable. In the Dallas area, Patrick Pittman at Chase Mortgage does a great job. He has a website at www.thepittcrew.com.

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Answered on 11/19/08, 8:33 am


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