Get an attorney you are not qualified to do this yourself.

What is the interest rate?

How much is going to the down payment?

What is the price?

Can you justify the price?

Will you be able to get a loan when the option is up?

What happens if you don't buy it?

Who is responsable for repairs till you get a loan?

How much is insurance? (not what you pay, the actual cost)

How much are the taxes?(not what you pay, the actual cost)

Have the disclosures been filled out?

these are just some thoughts, if you don't know all the answers then get an attorney.

You can never have deed till home is paid in full.

Suggestion clear your credit purchase a home most of these situations end up in horrible mess, have a Realtor involved for contract

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

You certainly need a contract that states the exact price you are agreeing to. You''ve agreed on a payment, but who gets the benefit of the interest being paid on the current loan. You really need an expert to write a reasonable document that reflects all the things that COULD happen. Otherwise, you may lose a lot of money and a friend.

STOP!!!!! Get a Realtor or an attorney to step in and represent you!

What is the sales price of the home? What if she sells or defaults prior to you buying? What if she dies? Are her heirs aware of this? Can you qualify for a loan? If not, what will you be doing to make sure you qualify in the future?

A few questions to start....