Real Estate Contract Between Family Members

Real Estate Contract Between Family Members

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If your family member will sell you thier property on a land contract, go for it! You do not need a mortgage company or bank to solidify the loan. Just make sure that the contract is binding and you should have a lawyer look over the forms. 0 votes

Selling your home to a family member is a great way to simplify the process of finding a buyer, but it adds a few additional elements to the mix. There is high potential for family feuds, so lay out the rules in advance and enlist the help of a local, experienced real estate agent to make sure things go smoothly and your relationship stays intact.

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Real Estate Agreement Checklist. This list serves as a reminder of some of the items and common issues that the parties need to keep in mind during the completion and execution of the Real Estate Purchase Agreement (the "Agreement").

Real Estate Purchase Agreement A simple form to outline the terms of a real estate transaction. Buying or selling real estate requires careful consideration of many important terms that can have long lasting legal and financial effects.

Enforceable contracts can be made between family members. However, the lender (bank or finance company)does not and will not recognize your loan of the proceeds to the third party. If the relative can be a signatory on the loan or enter into a personal guarantee with you and/or the lender, perhaps this will give you some degree of protection.

Need more questions? Florida Real Estate exam applicants 100-question practice Exam. We recommend that you print this 100-question practice exam.

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