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buying house from mom on contract

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M

Moffatt

Guest
i live in iowa. my husband and i are going to buy my mother's house from her on contract. the price agreed is around 85,000.00 a real estate attorney is handling the contract and legalities. we are unable to afford a conventional loan of this amount at this time, therefore, the purchase by contract. my question is ...what is the best way to ensure that the house still goes to us when my mom dies and will it have to go through probate? should there be any mention of the house in her will since we already have a contract? we would like to pay her estate the monthly payment after she dies if we are still unable to get a conventional loan.what would this entail and how is it set up? How often would my 4 siblings and i be paid from the estate? and who pays for the setting up of the estate for payments, me? the house is the only significant item of value in her estate. the rest is personal items and her vehicle which will be sold and divided among the 5 kids.
 



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