Buying A Home
likeanoldtimemovie
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying a Rent-to-Own Home
My husband and I have been renting my FIL's family home for ten months. In January, my FIL is deeding the property (8 acres) and house over to my husband and we will take over the payments. He's not looking for us to outright BUY the house, but just to take over the payments and have it as ours so it's no longer on his debt-to-income ratio.
So, first of all, any suggestions on writing up a contract, etc. for all of that? I have no idea what FIL is thinking, but I was thinking we would go to a lawyer (My husband's stepfather owns his own firm) and pay for all the paperwork to be drawn up and notarized so we're all protected. Is that what's normally done in a rent-to-own home?
Also, the entire property is actually 14 acres. FIL wants to split it and give us eight and keep six for himself. The six acres are on the back of the property and are basically woods. He's hoping to build himself a smaller home out there in the next few years. Before we sign the paperwork to make it legally ours, we need to hire a surveyor to split the property. I've done a tiny bit of research, but have only found surveyors that are basically mapping out the property you buy to make sure you're not building on your neighbor's land, etc. Does anyone have any advice or experiences with splitting up land? We won't be building on our eight acres, we really just need to separate it from the other six.
I hope that makes sense and I appreciate any and all responses!
So, first of all, any suggestions on writing up a contract, etc. for all of that? I have no idea what FIL is thinking, but I was thinking we would go to a lawyer (My husband's stepfather owns his own firm) and pay for all the paperwork to be drawn up and notarized so we're all protected. Is that what's normally done in a rent-to-own home?
Also, the entire property is actually 14 acres. FIL wants to split it and give us eight and keep six for himself. The six acres are on the back of the property and are basically woods. He's hoping to build himself a smaller home out there in the next few years. Before we sign the paperwork to make it legally ours, we need to hire a surveyor to split the property. I've done a tiny bit of research, but have only found surveyors that are basically mapping out the property you buy to make sure you're not building on your neighbor's land, etc. Does anyone have any advice or experiences with splitting up land? We won't be building on our eight acres, we really just need to separate it from the other six.
I hope that makes sense and I appreciate any and all responses!
Re: Buying a Rent-to-Own Home
This whole thing sounds like a potential nightmare. Yes, you will need to see a lawyer to draft the appropriate documents. I would caution against using a lawyer who is related to do this. It would be best to use an impartial third party in the event that things get dicey and you wind up having to go to court for some reason or another. Haven't you heard, family and money don't mix?
As far as splitting the property, I think you'd need to contact the county assessor's office to inquire about splitting it into two parcels. Like you said, I don't think a surveyor can do anything other than, well, survey based on the information already recorded with the county.
I'd also like to point something out: Simply having something notarized does not protect anything. A notarization simply states "I [the notary] have verified that the person who signed this document is who they say they are." If you have docs drawn up by a lawyer it's a good idea to get them notarized, and required in some places. Please don't just get something notarized and assume that makes it legal and correct. I am a notary, and this assumption is made a lot.