Purchasing my Mother’s home in Virginia
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Purchasing my Mother’s home in Virginia
I want to purchase my Mother’s home in Virginia. Mom wants to provide owner financing. What forms do I need to complete and where do I need to file them? Based off of Mom’s age I need to be concern with this becoming a part of her estate. Thanks.
Asked on June 18, 2009 under Real Estate Law, Virginia
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area. You need to hire a lawyer to draft a promissory note and a mortgage for you to record on the property. that way, if for some reason you fail to pay, your mother has the ability to take the house back. You will be obligated to make these payments so long as your mom is the so-called back. You mom may assign the note to another person so keep that in mind. Bottom line is that you need to se a lawyer to draft these documents so everything is clear and clean.
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