Posted by John Merchant on August 28, 2007 at 11:14:02:
It’s been my experience on family deals like this that the more formally you handle it, and the more business-like the whole deal is handled, the better off you’ll both be.
Formality and business-like = Fewer misunderstandings and damaged relationships.
I’d get a formal P&S Agreement setting out the whole deal, just as with a stranger, then getting that P&S Agreement to a Title/Escrow co so they can prepare a title commitment and policy and draft the deed for your Dad to sign and record.
I’m buying my Fathers Condo in PA and paying cash. Do I need a title company? Can I just hire a Lawyer? Just looking for pros and cons and advice from the experienced.
Posted by River City on August 30, 2007 at 07:12:02:
I have to agree with John on this. Doing this businesslike settles disputes before they happen. It also make keep peace in the family and there will be no “you said this…”