buying land/home from person still paying mortgage company

[cmwills32]

My husband and I are purchasing a mobile home and land. The mobile home is in one person's name and the land is in the other person's name. We got a quitclaim deed contract to use as our contract. The people we are buying from are still the one's legally responsible to the mortgage company.
We do not want to refinance at this time, we are just taking over the notes. The other party has told us they want no down payment,
they said,"when it is paid off they will sign over the title to us. Is this the kind of contract we need, and is there anything we should add for our protection? We live in Texas.
Christine

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by cmwills32:
My husband and I are purchasing a mobile home and land. The mobile home is in one person's name and the land is in the other person's name. We got a quitclaim deed contract to use as our contract. The people we are buying from are still the one's legally responsible to the mortgage company.
We do not want to refinance at this time, we are just taking over the notes. The other party has told us they want no down payment,
they said,"when it is paid off they will sign over the title to us. Is this the kind of contract we need, and is there anything we should add for our protection? We live in Texas.
Christine<HR></BLOCKQUOTE>

That is not the correct type of instrument to use for a purchase like yours. Hire an attorney to do it correctly. It will be money well spent.


[This message has been edited by HomeGuru (edited October 25, 2000).]