Real Estate Law

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We are currently renting a home and the owner wants to sell…

Customer Question
We are currently renting...

We are currently renting a home and the owner wants to sell it to us and carry the note. I am not even sure what we need to know to go forward with this...any suggestions?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New Mexico

Lawyer's Assistant: Has any paperwork been filed?

No, he just suggested this to us recently

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't think so

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 1 minute by:
2/6/2018
Real Estate Lawyer: Infolawyer, Lawyer replied 2 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 60,891
Experience: Experienced lawyer
Verified
Owner has debt on the property and wants you to assume the debt?
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Customer reply replied 2 months ago
no...Home is paid for
Customer reply replied 2 months ago
I am just wondering what I should be aware of at this time before we decide if we even want to do this. If it goes further I will want to talk, not at this time
Real Estate Lawyer: Infolawyer, Lawyer replied 2 months ago

If no debt, then the sale would take form of contract. You pay a deposit, and then balance on closing, either by paying direct or mortgage. Is that your question?

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Customer reply replied 2 months ago
Would he use an attorney to draw up the contract? Do we need one also? Thank you for your answer
Real Estate Lawyer: Infolawyer, Lawyer replied 2 months ago

Both sides normally would be represented to ensure on your end you get clear title to the property free of liens and claims. You may also want to have title insurance, coordinated by your lawyer.

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Real Estate Lawyer: Infolawyer, Lawyer replied 2 months ago

Very welcome.

Kindly rate me 5 stars.

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Real Estate Lawyer: Infolawyer, Lawyer replied 2 months ago
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as experts are not employees of the site and do not get any credit for spending time with customers unless they leave positive feedback. Thank you.
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Infolawyer
Infolawyer
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