Visit FamilyCorner.com for tons of seasonal ideas!
quick link - go to our home page quick link - kid's crafts, family fun, printables, etc quick link - sign up for our free newsletter quick link - holiday crafts, recipes and ideas quick link - gardening, organizing, saving money, decorating and more quick link - our FunBook is filled with lots of quick ideas, tips and crafts quick link - join our bustling community of friendly members


Go Back   FamilyCorner.com Forums >

Idle Chit Chat! Just want to chat with your FC friends? Come on in and talk it up!

Reply
 
Thread Tools Rate Thread
  #1 (permalink)  
Old 05-10-2005, 06:19 AM
Seven Year Member
FamilyCorner Admirer
 
Join Date: May 2004
Location: MN
Posts: 182
How do I fill in a purchase agreement for home?

I bought a purchase agreement as we are buying my parents' home and don't need a realtor. None of us are into ripping each other off, so we don't need a lawyer either. I'm just not sure what all the items on there mean and what can be skipped over. Does anyone know of a site that may explain each line (I've looked and haven't found one yet.) or if anyone's a realtor maybe you could skim through?

fyi: My parents will reside here still with us.
Reply With Quote
  #2 (permalink)  
Old 05-13-2005, 11:39 AM
Sammi1961's Avatar
Assistant Moderator
FamilyCorner Postaholic
 
Join Date: Oct 2002
Location: Maine
Posts: 11,579
In talking to realtors and lawyers, they all recommend that even though this is a private sale, you still need a lawyer to make sure everthing is ok on the purchase agreement and things are finalized properly. I wouldn't imagine it would cost a lot to hire a lawyer just to go over the agreement. I guess in this day and age, you can't be too careful. I would think it would give peace of mind to both you and your parents. I have only bought one home but we did use lawyers though we bought our home through a real estate agent.
Reply With Quote
  #3 (permalink)  
Old 05-13-2005, 04:05 PM
kellyandkids
Guest
 
Posts: n/a
Get a lawyer

Get a real estate lawyer. $400 fee is cheap insurance for all. And makes for great peace of mind. And you might learn something about setting up the sale to minimize their tax bite now or later as they retire.

And as you are co-residents, as the value of the house increases, their might some resentment over work put in and values transferred. Get it in writing now.
Reply With Quote
  #4 (permalink)  
Old 05-13-2005, 05:42 PM
Sueanne's Avatar
Nine Year Member
 
Join Date: Jul 2002
Location: florida
Posts: 7,300
Purchase Agreement

beckri....So glad you are able to buy your parents home. Nothing like knowing everything about the home you are buying.
Years ago I bought a house from my parents. I did have a lawyer which was cheaper then. Since I have other sisters and a brother wanted to make sure everything was done right. Even after forty five years later family members still remember the details. Glad they had nothing to complain about.

I am sure your parents are happy to still be living in their home.
_________
Sueanne

Here is a website that might help?

http://www.buying-a-home.ws/mortgage.html
__________________
"The only reason why people hold on to memories is because memories are the only things that don't change when everything else does."

Reply With Quote
  #5 (permalink)  
Old 05-14-2005, 07:47 AM
kellyandkids
Guest
 
Posts: n/a
Oh, ya the sibling factor! Get a lawyer to blame. lol Sanity insurance.

But bless you for taking on your parents ....and their choices in decorating.
Reply With Quote
  #6 (permalink)  
Old 05-14-2005, 06:11 PM
Seven Year Member
FamilyCorner Admirer
 
Join Date: May 2004
Location: MN
Posts: 182
and thanks.
Reply With Quote
  #7 (permalink)  
Old 05-17-2005, 07:28 AM
Seven Year Member
FamilyCorner Newbie
 
Join Date: Dec 2004
Posts: 33
When I purchased my first home, I worked for a title insurance company and saw the purchase contracts people used with realtors. They're pretty straight forward. I tailored mine to fit the needs. Without the contract, the sellers would've backed out -- guaranteed -- due to circumstances not working out in their personal life like they'd planned. I had an attorney look it over and show up at the closing. He made sure that everything in the purchase agreement/contract was enforced before any funds were exchanged. It's worth the few $$ to hire an attorney
Reply With Quote
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Fill in the blank trainlady Fun Games 84 10-18-2016 05:38 PM
Fill in the Blanks Game BuddyBeanieBaby Fun Games 7 11-04-2007 05:38 AM



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -8. The time now is 05:26 PM.


Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.

POPULAR AREAS OF FAMILYCORNER.COM

Our Family FunBook is packed full of ideas from parents just like you!

Our members say that they have never found a friendlier message board community than ours!

Our kid's craft section is filled with easy ideas for creative little minds.

We have tons of free printable coloring pages to keep your little ones happy.

We offer a wide variety of free newsletters delivered right to your inbox.

Our Household Hints & Tips have a wealth of information on cleaning, organizing, and more!
Go to the funbook Go to forums Go to kid's crafts Go to printables Go to newsletters Go to Hints & Tips

Home || Newsletters || Advertising || Terms of Use || Privacy || Services || Submissions || Contact Us || Media Opportunities || Link To Us || Shop || Feedback || Staff || e-Cards || Reminder Service



FamilyCorner.com® is sponsored in part by...




Visit our friends --> MomsMenu | Main Street Mom | She Knows | Baby University | Personal Fitness Zone | iChef.com

Copyright Notice | Privacy Policy | Terms of Use/Disclaimer