Buying my deceased grandparents house

Buying my deceased grandparents house

Homeowner · Athens, TX · Member since 2012 · 18 posts · 3 votes

Hi all,

My grandmother passed away last year, and I'm buying the house that they built in 1965. It's also the house my mother and her siblings grew up in. They've spent the last year being nostalgic about the place...having sleepovers and whatnot. And they can continue doing that for as long as they want (within reason). However; I'd like to go ahead and buy it now while rates are still low. They had an attorney take care of probating the will, and selling the house is the only thing left. Everything passed to them equally including the house, and they are each co-executors.

 My lender said I'll need to have a contract signed before I can lock the rate. My question is on the contract, do we write in my mother and her siblings as the Seller, or "the Estate of Grandmom" as the seller? I don't think the title has been put into each of their names, as the appraisal district still listed it with Grandmom's name, and mail is addressed to the "estate of Grandmom". This is located in Texas.

I know this is a question for the attorney, but he's very expensive and would charge a whopping amount for this simple answer over a 1 minute phone call.

Thank you!

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Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
5y

@Andrew Scott

Find another lawyer. Consultations shouldn't be expensive and in some cases may be free.

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  • Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Andrew Scott

    Find another lawyer. Consultations shouldn't be expensive and in some cases may be free.

  • Realtor · Santa Ana, CA · Member since 2014 · 131 posts · 111 votes
    5y

    I can’t speak for Texas but I can tell you that in California (and many other states ) the 

    Seller would be the Estate of ——————————( your Grandma’s name ). You can also call

    your Title Insurance Company and speak to one of their Title Officers to confirm.

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    5y

    Ask the title company you plan to use to assist you in drafting the contract and they will tell you what names they want on the contract, what documentation they will need, and who needs to sign.  Title probably does not need to put it in their names, but they will tell you the procedure you need to use.

    While the escrow service and title research is not free, it is fairly low cost and they will make sure you do it the right way, so that if you need to sell in the future you are set up for success.   Paying a little money now, can save you a ton of money in the future.   Typically they won't collect any money from you until closing.  

    They will either prepare and file the deed for you or help your lender's attorney do it.

    You can use someone like Trinity Valley Title.....while you're family probate attorney might be able to do everything, you are right, they're not always the best resource.  I would probably suggest using a title company that does this work all day long ever day...You've got a few choices in Athens.

  • Homeowner · Athens, TX · Member since 2012 · 18 posts · 3 votes
    5y

    Thanks for the help gentlemen!

    @Bruce Lynn, speak of the devil, I was planning on using Trinity Valley, as they have the cheapest fees out of the 3 or 4 title companies in Athens. Any reason you mentioned them in particular?

  • Specialist · Winter Springs, FL · Member since 2009 · 1k+ posts · 747 votes
    5y

    I'm not an attorney and this is just my opinion but if the estate probate has been completed title should be in the the name of the heirs/beneficiaries and the contract probably should be prepared with them as Sellers.  If you're not sure if the probate has been completed you can check the probate file rather than incurring the cost of asking the atty.  There may be an Order of Distribution that identifies who received title.  If the probate isn't completed then title is probably in the estate of the decedent and the Personal Representative of the Estate should probably sign as Seller.  The title company probably won't be able to help prepare the contract since that is providing legal advice and outside the scope of their engagement.  I hope this helps.

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    5y

    @andrew scott.   Most of the title companies are pretty good... And there really shouldn't be a big price difference between the bigger ones in my experience.  The title insurance price is set by law.  The escrow fee can very little bit but it's probably 3 to $400 for each side in athens.  There can be a little variance there.  In Texas is very common with the title companies to be run by lawyers and for them to help you write a contract If you need one.  They may not help you negotiate and if they're not your attorney they might not be able to offer you advice on what to put in the contract.... But generally if you're buying from family and everybody agrees on dates and prices they should be able to help you fill out the basic contract and tell you the names of who the sellers should be.  In my experience most of the title companies will do this it's a complimentary of service as long as it doesn't take too much time.

  • Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
    5y

    The heirs should be on the contract as sellers.

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