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Updated almost 3 years ago, 12/16/2021
question for a seller- finance property from a relative
I am purchasing a property from my father-in-law. He is over 80 and can no longer take care of it. It needs a roof and presently does not have any liability or insurance of any kind. I have multiple questions. I would buy it with a quit claim, I feel extremely confident that at this time there is no liens or financial encumbrance's on the home and paying for a warranty deed is not needed. I would be creating a contract and paying him a monthly amount. The home is completely paid for no mortgage exists and he had received the home from his mother in law and been in family for 20 years plus.
Any concerns I am not aware of with changing title via quit claim?
Is it possible to get a insurance policy on the home with a permit filed to replace roof? Family members will replace roof without a contractor and I want to be covered for accidents.
With quit claim are there any tax issues that I may not have thought of?
Thank you
John Allen