How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Andrea, Esq. Your Own Question

Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11657
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
20073497
Type Your Real Estate Law Question Here...
Andrea, Esq. is online now
A new question is answered every 9 seconds

I am doing a rent-purchase agreement with a friend and I want

Resolved Question:

I am doing a rent-purchase agreement with a friend and I want to make the contract legal and binding. I will take over his mortgage for three years and payoff what he owes and then he is to sign over the deed to me. I will be selling my home to cover what he is asking as the total price for his place. I have made up an agreement that we will both sign including every contingency I could think of including sickness and/or death of either of us during that time.If I have this notarized ,signed and witnessed is this a legal contract? Thank-you for your time
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Andrea, Esq. replied 1 year ago.

Hello and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provided you with Excellent Service,

 

 

1. When you say "take over his mortgage", do you mean you will be making payments directly to the bank that holds his mortgage ?

2. Does the bank permit another party to assume the mortgage ?

3. Will your payments be applied to the purchase price ?

4. Did you provide for the contingency if you do not sell your house by the date specified in your Agreement with your friend that you will not lose the opportunity to buy the house and that your friend will keep extening the settlement for as long as you need to sell your house ?

Thank you,

Customer: replied 1 year ago.

The mortgage is to be paid to him and the total amount applied to the purchase of his home. I have three years to sell my home and already have a interested party. He has a seller assist mortgage.


 


 


 


 

Expert:  Andrea, Esq. replied 1 year ago.

Hi, Thank you for your additional information,

 

Without reviewing the document it is difficult to say whether an Agreement between two parties is an enforcible contract. Therefore, I will give you the requirements of a legally enforciblecontract and you can look for these elements in your Agreement with your friend.

 

In order to have a contract the following elements must be present:

 

1. Offer and Acceptance - Seller offers his house for sale, you accepted his offer;

2. Supported by consideration from both sides - Deed to the house from seller in exchange for purchase price from the buyer

3. Contract is for a legal purpose - Here, for the sale of the house

4. Both parties have the legal capacity to enter into a legally binding and enforcible contract.

 

All these elements are present, therefore, you have a legally enforcible contract. Providing for contingencies does not affect the validity or enforcibility of the contract,


Please be kind enough to rate my service to you as "Excellent Service",

 

Bonus and Positive Feedback are greatly appreciated,

 

Thank you for allowing me the opportunity to assist you,



ANDREA

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11657
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 5 other Real Estate Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions