Buying from my mother-in-law

5 Replies

Hey everyone, 

We have agreed to buy a property in Maryland from my mother-in-law, this will also be my first deal. We are not using a realtor so I'm searching for a little guidance on everything that I'm going to need to get lined up. Here's what we do have in place:

1. An appraisal 
2. Pre-qualification letter from the bank for financing 
3. Purchase price (we are doing $15k of gift of equity)

That's pretty much all I've got so far. 

Can I use the MAR Residential Contract of Sale? For the gift of equity, do I just use a letter of intent as an addendum to the contract? If I get a real estate attorney, what will I need to have ready for him to review? Any recommendations for titling companies in Howard County, MD? What else am I missing? Thanks in advance!

Corey

The MAR contract is copywrighted material licensed for use by members of MAR, so no you can not use it.

On a true family deal I would think a RE attorney is a waste of money. It's not like she's going to try to forfeit your deposit if you don't get your loan, or you and your wife would sue her if turns out the basement has a history of flooding.

@Russell Brazil You're right, of course, but we see private parties submitting MAR contracts all the time. 

Originally posted by @Tom Gimer :

On a true family deal I would think a RE attorney is a waste of money. It's not like she's going to try to forfeit your deposit if you don't get your loan, or you and your wife would sue her if turns out the basement has a history of flooding.

@Russell Brazil You're right, of course, but we see private parties submitting MAR contracts all the time. 

 Thieves! :)

Im sure people do it all the time. But Im going to make my small attempt against the copyright infringement. 

Originally posted by @Russell Brazil :
Originally posted by @Tom Gimer:

On a true family deal I would think a RE attorney is a waste of money. It's not like she's going to try to forfeit your deposit if you don't get your loan, or you and your wife would sue her if turns out the basement has a history of flooding.

@Russell Brazil You're right, of course, but we see private parties submitting MAR contracts all the time. 

 Thieves! :)

Im sure people do it all the time. But Im going to make my small attempt against the copyright infringement. 

OP could take a 1 page PSA from the BP file center, add a blurb about the $15k gift of equity and be good to go.

The heartwarming part of this thread is that mother-in-law is actually moving out.

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