buying my first house from an individual - Posted by Calvin Dixon

Posted by P.E.C. on January 19, 2000 at 11:10:38:

see a lawyer

buying my first house from an individual - Posted by Calvin Dixon

Posted by Calvin Dixon on January 18, 2000 at 21:37:51:

Purchase of rental property: For the past 17 years I’ve been renting a three bedroom two bath ranch style house on two acres of land outside the city limits. I’ve always paid $400.00 a month.
Over this period of time, since the rent was so low, I’ve always taken it upon myself to maintain the property. The owner received this property, free and clear, after the death of her mother.
Now, the owner wishes for me to purchase this property without going through a third party. She
has set a price that’s more than fair. She want’s to hold the title until the set price is paid. In the event of her untimely death, I will continue paying these monthly payments to her son until the set price is reached. There will be no interest rate—just direct monthly payments toward the set price. My question is: How should I write up a contract, and what type, that will protect my interest in this matter, as well as her’s and her son’s. There are no leans on the title. Any help on this matter would be greatly appreciated.
Thank You
C.W.Dixon