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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 47092
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Can I take over my friends house payment hes not in foreclosure

Customer Question

Can I take over my friends house payment he's not in foreclosure yet.And have a written agreement for deed between us.I live in florida
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. When you reference a "written agreement for deed" are you referring to a deed from your friend or an agreement to deed the property? Is the loan in default? Is the house worth more or less than the outstanding balance on the loan? Thanks!
Customer: replied 1 year ago.

I would like to keep the property in his name until its paid in full. Then transfer the deed to my name.


 

Expert:  Richard replied 1 year ago.
Thanks. Could you help me with the additional questions....Is the value of the house more than what is owed on the loan? Is the loan currently in default?
Customer: replied 1 year ago.

The property is worth more than whats owed .The loan is not in default at all.Can I do a lease perches between me and him and have it notarized and that be legal.Then later down the road I would finance in my name

Expert:  Richard replied 1 year ago.
Thanks for your reply. Rather than doing a lease purchase agreement, what you would want to do is enter into a Contract for Deed so that your payments go toward the purchase price. Then, later down the road, when you can refinance the current loan or pay off the loan through your payments, the current owner would transfer the title to you. You will want to do two things..i) make sure you make the payments directly to the lender so that there is no risk that you pay the current owner and then he fails to pay the lender; and ii) record your Contract for Deed to prevent the current owner from placing any additional liens on the property or selling the property out from under you.






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Customer: replied 1 year ago.

When I do a contract for deed and then record it. will I be able to caim the taxes and interest and get home owners insurance in my name.I dont want to raise any red flags with his bank

Expert:  Richard replied 1 year ago.
You would want to enter the Contract for Deed now...before starting to make any payments to document your agreement with the current owner. Because a Contract for Deed is considered a beneficial ownership interest in the property, you are entitled to the deductions for taxes and interest that you pay. And, you should be able to obtain homeowner's insurance. If not, on the homeowner issue, you will want to cover the insurance issue in your Contract for Deed where he carries insurance on the improvements and you carry insurance on the contents, but you can pay the insurance.
Customer: replied 1 year ago.

When I record the contract for deed.will that action cause a problem between him and his bank in any way

Expert:  Richard replied 1 year ago.
It typically would not as long as the payments are current. You don't have to file it, but the risk you run by not doing so is that there would be no record of your rights in the property and thus if he were to place a lien on the property or sell it, the creditor or buyer would have no notice of your interest and thus you would lose your right to the property and would only have a claim against the owner personally.
Customer: replied 1 year ago.

Last Q when I record the contract for deed will they send me the tax info at the end of each year just like a warranty deed

Expert:  Richard replied 1 year ago.
Unfortunately, they will not, because the titled owner is still the current owner. So, you will want to require the current owner to provide this information to you upon his receipt in your Contract for Deed.
Customer: replied 1 year ago.

Thank you very much

Expert:  Richard replied 1 year ago.
You're welcome...it's been my pleasure to help!
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 47092
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 10 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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