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    mick1013's Avatar
    mick1013 Posts: 1, Reputation: 1
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    #1

    Jan 24, 2010, 07:38 PM
    I want my brother to hold the mtg in the house I am living will I be on the deed and
    I am possibly going to purchase the duplex I am living in owned by my brother, what is involved with this procedure? Will I have to pay for closing costs and will my name be on the deed to the house? Also does my soon to be exwife entitled to any part of this house?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 24, 2010, 07:47 PM

    Is your brother willing to be the lender ? Does he have a mortgage that has to be paid off ?

    You and he will have to agree on a selling price, interest rate and terms of the mortgage.

    Unless either of you have legal or mortgage experience, you will need a title or real estate attorney to write up a mortgage paper, deed and other needed paper work along with all required state notifications to the buyer. You should still get a home insepction even if living there, so you know exactly if there are other issues that you can't see.

    You may want to have the divorce final, or at least clear it with your divorce attorney before buying a home
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