Purchasing Home from Parents

[rsbair]

What is the name of your state?What is the name of your state?What is the name of your state? PA

I have agreed to purchase my parents home in PA which they own outright. I currently live and own a home in AZ with my husband of 20 years. My parents also own a home in FL outright, which will become their primary home. My parents and I have agreed on the payment arrangements...they will carry with no interest. However, I am not sure what we need to have drawn up to protect us both, a purchase contact or a deed of trust?

Then, secondly, I don't want my husband to know the details of the sale, would prefer he think my parents are gifting it to me. I realize both AZ and PA are community property states. I recently found out my husband was having a long distance relationship with a married, old high school friend and word on the street is that she is a gold digger. It had been going on for 4 months, when I got wind of it coincidently through cell phone bills. My relationship with him may/may not work out and the thought of him having a share of my childhood home is more than my parents or I could bear. When all said and done, I want the PA house to be "owned" by my 23 year old son, even though I will be paying for it with money I have earned over the past 20 years of working hard (deferred compensation, etc.). I don't want my husband to have any claim to that home. (Don't feel too sorry for my husband he has a 20 year military pension and I am well educated and have given up great jobs and opportunities to advance his career over the years.) Any other suggestions to help me protect my assests for me and my children if this marriage can not be sustained?

Thanks in advance for any advice!!

[PghREA]

Originally Posted by rsbair

What is the name of your state?What is the name of your state?What is the name of your state? PA

I have agreed to purchase my parents home in PA which they own outright. I currently live and own a home in AZ with my husband of 20 years. My parents also own a home in FL outright, which will become their primary home. My parents and I have agreed on the payment arrangements...they will carry with no interest. However, I am not sure what we need to have drawn up to protect us both, a purchase contact or a deed of trust?

Then, secondly, I don't want my husband to know the details of the sale, would prefer he think my parents are gifting it to me. I realize both AZ and PA are community property states. I recently found out my husband was having a long distance relationship with a married, old high school friend and word on the street is that she is a gold digger. It had been going on for 4 months, when I got wind of it coincidently through cell phone bills. My relationship with him may/may not work out and the thought of him having a share of my childhood home is more than my parents or I could bear. When all said and done, I want the PA house to be "owned" by my 23 year old son, even though I will be paying for it with money I have earned over the past 20 years of working hard (deferred compensation, etc.). I don't want my husband to have any claim to that home. (Don't feel too sorry for my husband he has a 20 year military pension and I am well educated and have given up great jobs and opportunities to advance his career over the years.) Any other suggestions to help me protect my assests for me and my children if this marriage can not be sustained?

Thanks in advance for any advice!!

PA is not a community property state. You need to run all of this by an attorney to make sure that what you want is what you end up getting.