Buying house though owner
I have been given a offer from a friends father to buy his home. The deal is still up in the air but what has been talked about so far is as follows:
I get the deed to the house in my name.
There will be a contract written that I will pay an amount of money monthly until the total sum is reached which will be the total price of the house.
The house is paid for so there is no money owed on it though a bank etc.
This is either the deal of a lifetime or I'm getting blindsided. I could use some help. I'm trying to find out if the contact I get is going to hold. I have not seen it yet but its going to be something along the lines of if I fail to pay off that amount in that time frame they he gets the house back.
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Thank you so much