Posted by Jasonrei on July 04, 2002 at 16:30:13:
Make sure he is the only owner of the property. Have him sign a general warranty deed giving you his interest in the property. Have it notarized and recorded with the county clerk. Now it’s yours. Keep in mind the lender probably will have the right to accelerate the payments, though. That’s how I do it here in Texas. Another option is to use a trust, but someone else will have to explain that here.