All Forum Posts by: John Allen

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

I have a family member whose mother took her own life. The daughter( my family member) is the executor of the estate, young with kids and family and now has  2 homes with her mothers name  on the mortgage. She has her own home and little time and has just made it known she is going to walk away from both homes. One has  equity, and needs some rehab making it up to now difficult to sell.. Assuming the #s make since how can I get title to the home without triggering the pay on sale clause since my credit history is not good and I would not want to go thru the sales process.  I have the skills to rehab and the possibilty of positive cash flow on a rental looks promising.