Hello, i am trying to buy a house from an elderly person but having alot of trouble he is not on the deed only hes mother and father names is on the deed but hes fathers and mother have not been living for 80 years me and the seller want to avoid going to probate court is there a way to do some type of purchase agreement and accept all responsibilities for the house paying taxes on it etc?
You can't enter into a binding purchase agreement with somebody who doesn't own the property.
I don't see how it's possible to avoid probate here.
Next you'll find out he has 3 siblings and you have been negotiating with the future owner of 25% the property.
ok well i dont understand how has this man lived in this house for 80 years and the house was never in hes name? i even see squatters gain property in houses and never had that property in there name? he only has a younger sister and they want nothing to do with the property what consequences could i face if i were to give him the money for the home and never get the house in my name?
The consequences would be you wouldn't be the owner until you took some sort of legal action. You wouldn't be able to sell it until you did, that's for sure.
I would imagine a quitclaim from both him and sis would be helpful to an eventual QT suit.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.