Buying From Elderly Seller
Hey All,
I have a house I am going to purchase from an elderly seller. While everyhing is ethically correct and the family members are OK with the sale I want to make sure that I am protectected from any reprecussions from the family members after the sale. Are there any clauses I could/should insert into the purchase agreement that would protect me?
Thanks for your responses.
God bless
Marty
Make sure she has a lawyer. During the attny review period make sure that your lawyer requests some minor changes or clairifications to the contract, that he does so in letter to her attny. and that her attny responds in writing. Keep copies of this correspondence. Now in the event the family members come back you can respond that she was represented by counsel and you have documents to prove it.
Commercial:
I like the way you think!
If lawyers generally aren't used in your area (like in CA), see if you can make sure attys are.
Otherwise, get some advise on elder abuse laws.
Last yr. I had the experience of a buyer and broker being in bed together (not literally) and bought this ladies house.
Very GOOD price to seller.
Had her take back a note
"mystically", her note became subordinate to a new 1st, resulting in the property being upside down.
I was trying to by the 1st which had a good LTV.
What we have done is have the family member sign the contract as well as the elderly seller.