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My mother is buying a property with a bond for deed. The lady…

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My mother is buying a...
My mother is buying a property with a bond for deed. The lady who owns the property wants to sell the contract to me. how do I buy the contract and keep my mother paying a mortgage to me. how do I get the deed to the property.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 6 minutes by:
6/10/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,154
Experience: Attorney and Real Estate broker -- Retired
Verified

Until the buyer completes the contract by making all necessary payments, the seller has the right to assign it to another person, as long as the assignment does not materially impair the rights of the buyer (your mother). The seller would assign the contract to you, and give you a grant deed to the property. You would then own the contract and the deed, and you would be obligate to transfer title to your mother when she completes the payments.

 

Hope this helps.

 

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Customer reply replied 8 years ago

Where do I get a grant deed?

Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago

http://www.uslegalforms.com/deedforms/illinois-deed-forms.htm or www.legalzoom.com, among other places. You may want to have a lawyer draft this agreement and the deed, because if you mess it up, you could end up with a worthless piece of paper.

 

For a real property attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=IL and www.martindale.com.

 

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