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?

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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.
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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

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