Rose, Home Seller in Florida

I AM SELLING MY HOUSE TO MY SISTER. I OWN IT OUTRIGHT - SHE IS PAYING 80,000.00 IN MONTHLY PAYMENTS. HOW DO I WRITE A MORTGAGE SO SHE HAS TO PAY?

Asked by Rose, Florida Wed Sep 23, 2009

PLEASE EMAIL ME AT ROSEWILSON724464@YAHOO.COM

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4
If you are holding the mortgage yourself, you may be tempted to write up a quick agreement or go to the local office supply store and write up a contract and close it at the kitchen table and then file it at the court house. All of this is legal, but risky. She would be obligated to pay and if she doesn't you could take her to court. But this could cause lots of problems later.The best plan would be for you to spend the money to hire a real estate attorney or a licensed Realtor to write the contract, have a lender write your sister a loan and close it at a title company. The contracts that are the most risky are those involving family and friends.
0 votes Thank Flag Link Thu Sep 24, 2009
Rose,

You should have a real estate attorney write up the mortgage terms as agreed upon and either the same attorney or a Title company for title insurance. You want to make sure both you and your sister are protected. You want to convey a clear Title to her and have her mortgage recorded so that your note is in the first position as lien on the property. This way if other loans or liens are placed on the property at a later date, you will be the first to be paid off.

Pam Cohn
Broker Associate GRI, CDM
Prudential Tropical Realty
727-204-7155
pcohn@prutropical.com
0 votes Thank Flag Link Thu Sep 24, 2009
Rose,

I'm assuming you are going to hold the mortgage on this home? If so,Nadine was right, you need to contact a rela estate attorney or a title company. You will need to decide the term for repayment (be it 10 years, 20 years etc). If she is going to purchase via a regular mortgage I would be happy to help. My number is 727-502-9400. If you are holding the mortgage then contact our title company. They would be would be happy to help with your needs or answer any questions. Please contact Carla at Bay Surety Title Company at 727-820-4343.
Web Reference: http://www.baylending.com
0 votes Thank Flag Link Thu Sep 24, 2009
Hi Rose,

Contact a local Real Estate Attorney or a Title Company. Tell them what you are doing. Have them draw up a mortgage document and record with the county. An Attorney will be your best bet, as they can also write up a contract that will outline all the details regarding what will happen if your sister fails to make timely payments.

Nadine Mauro
The Herman Group Real Estate
561-414-0864
NadineMauroRE@yahoo.com
0 votes Thank Flag Link Wed Sep 23, 2009
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