Buying from my mother-in-law

[Corey Merrills]

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

[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.