Dec. 15 1989 was the cutoff date. Read the mortgage to be sure. Unless you can type the deed yourself and get it right pay an attorney to do it. If there is a due on sale clause in a mortgage one alternative is to put the title into a land trust. Bill Bronchick has a course sold here that can do it.
While you can equity share in the land trust I would recommend you get an equity share agreement to define each parties rights and responsibilities. The cost are worth it to get title insurance and close it right. Costs for land trusts, title insurance(you portion only) $1500 but is only a guess because title insurance is based on amount insured.
What foreseeable problems would exist with this type
arrangement?
Seller is a friend and needs cash now (moving to another house) and we need a house now. She has the house, we have the cash but don’t want
to put in the amount she is asking and be just renters.
We don’t qualify for financing (poor credit and self employed)
Also, read somewhere that FHA loans are not fully assumable
after a certain date. She closed on her FHA mortgage on
Dec 14, 1989 and has never refinanced. What was the cut
off date in 1989?
What types of closing costs are involved in assumptions vs
adding someone’s name to the title? Last question
Do you need an attorney to add someone’s name to the title?