Buying a home from a relative....

Asked by mndoss, Rockwall, TX Fri May 25, 2012

If I want to buy my sister-in-laws house, is there any type of regulation in Texas that requires a 25% down payment due to her being a person of interest?

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Tim Moore, Agent, Kitty Hawk, NC
Fri May 25, 2012
I have never heard of any state having laws about a minimum down payment required and can't imagine there would be one. If your in-law wants to sell you a house that they own free and clear they can do any sort of loan arrangement they want. To protect yourself I would suggest having a lawyer draw up the agreement and having it all recorded.
1 vote
Dallas Texas, Agent, Dallas, TN
Fri May 25, 2012
Not knowing all the particulars involved IS THIS A SHORT SALE? Or just a straight purchase? It will require you to obtain a loan , submit the sales agreement to the title company.

If you require assitance I can provide our real estate services at a reduced rate for all the paperwork and etc. Your sister must follow the State of Texas laws to sell a home .

Contact my office today
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more