How can I buy my mom's house from my siblings without going through a bank?
My mother died and left the house to all of the family members. I want to buy the house from my brothers and sisters on contract and just pay them the payments for the house without going through a bank or loan place. Is there anything I need to know on how to do this?
Expert Answer
You are absolutely free to proceed with this plan, free of bank and loan paperwork, which may be the best solution for all concerned. Such an arrangement is particularly compelling where all the children agree to it. But beware that lingering property issues can sometimes chill even the warmest relationships.
To make sure that everyone’s interests are protected and to avoid potential problems down the road, it would be wise to sit down with your siblings and draft a contract together. Make sure you raise and address all interim concerns, such as whether interest will be due and owing, who will be responsible for upkeep and taxes and any other issue that seems to be simmering.
It might then also be wise to hire a lawyer for the limited purpose of eyeballing your final agreement, which shouldn’t involve much time or expense.