Congratulations, sounds like you have wonderful parents. If you are paying cash and not financing the $50,000 a purchase contract is not required, your parents can just deed the property and you write them a check. I would still have a title report and maybe a title policy, depends on how long your parents have lived there, who they bought the property from etc. If the home has been in the family 100 years I may not even spend the bucks on title insurance, you probably know the sellers pretty well. All questions for the attorney that prepares the deed for you. Good luck in your new home.
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Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.