Buying a home from my mother

[Anthone Edwards]

Hello,

So my mother has a trailer on a lot of land. She has a small loan on the trailer, but she already owns the land. She would like to move out into another home and give me the trailer and land, so I was planning on cleaning up the trailer and than I could rent it out.

So, my question is what is the process of executing this? Could I just pay off the loan for her in cash, and than just get a real estate attorney to transfer the deed? Is that all I need or do I need a title company involved?

Also, eventually I would like to take a loan out on the trailer once I clean it up so I can pull my cash out, so is there anything I need to do now to be sure I can get a loan on the trailer? Should I get a home inspection?

[Caroline Gerardo]

No you can't DIY a title search. To transfer the deed you need a copy of the existing deed. It should but maybe not have the lot, tract, long legal description, and the address on it. You decide how you want to vest- married, unmarried...  you don't have in your profile the county or state which is part of the advice. An escrow officer, title officer, real estate attorney could help you type the transfer deed but it doesn't have to be typed. The vital detail is the legal description must be a perfect match and Mom must be the only person on title who owns.