contract for deed Hello: I purchased a house for my daughter 7 years ago.

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contract for deed
Hello: I purchased a house for my daughter 7 years ago.
She and her husband have paid mortgage payment since then.
I would like to find a way to have them take over complete
control, as taxes claim interest and so on.
I paid $20,000.00 down at time of purchase but I want nothing from them.The cost $87,000.00 and the balance now is $43,000.00. Thanks for any help

One thought on “contract for deed Hello: I purchased a house for my daughter 7 years ago.”

  1. Re: contract for deed
    Hello,

    You could use a deed with purchase money mortgage or a lease with option to buy. If there is a mortgage on the property, you should be certain that it doesn’t contain a “due on sale clause” which allows the mortgage holder to accelerate the mortgage on sale of the property. Any competent attorney should be able to handle this.

    John Faust
    Faust & McCarthy
    28 Bailey Stg
    Hindman, KY 41822-0861

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