Buying a Home through a 3rd party

[Simplebear]

What is the name of your state? Texas

My BF and I moved to Texas from North Carolina on March 10th 2007. His boss here Bought us a house and has us paying him $400 for rent each month. The deal was that he was supose to turn the house over in our name so we can buy the house from the bank. He is saying that there is a waiting period before he can do this. I need to know if thats true and how long is it for. He is also stating that He is waiting for the Bank to say its ok. I have no clue how much my house sold for or how much the actual note payment is on it. I don't know how to find out if he baught the house whole or if we have been making payments on it through him. Please help.

 

[nextwife]

There are no verbal contracts in real estate. Do you have any written agreement, and what are the terms of the agreement? Have you checked to county records to see if he is in title?

 

[Simplebear]

I have not checked any records. I don't know how. There is no written agreament that i know of. I am not trying to force the issue i am just trying to figureo ut how long that waiting period is (if there is one) and where i can go to find records on this house

 

[lcannister]

We have no idea what waiting period you are talking about. Is it to season his loan, keep from paying a prepayment penalty etc. there are several waiting periods.

What do you mean turn the house over in your name? Are you saying your credit is rally bad and he is getting the loan in his name and then letting you pay on it?

I think you had BETTER get an Atty versed in real estate to go over any papers you do have and most, most, most assuredly any papers you might sign from here on out you do not know what you are doing and it can get you into a whole lot of trouble and loss of monies. DO NOT take my statement lightly OR say you can not afford an Atty, at this point you can not afford to NOT have an Atty.

I have no clue how much my house sold for or how much the actual note payment is on it.

This is the most frightening thing you have indicated!

How much money have you paid out to this person?

See an ATTY yesterday!