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.
  • 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.
  • 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.
  • 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
  • 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.
  • and thanks.
  • 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