Skip to main content

Does these conditions of the private Real Estate sale/agreement/mortgage with in-laws leave me unprotected against lost?

Wilder, ID |

1) I am the primary income and my earnings will pay the mortgage.
2) My in-laws will hold mortgage thru title co.
3) Conditions in mortgage: My husband will be sole owner of mortgage. He may not make any changes in title, or quitclaim deed until mortgage is satisfied.
4) My husband has signed all the docs in mortgage agreement; I was present.
5) I have suddenly been told (at the last moment, as getting ready to fund and file the legal agreement) that I must sign and notarize a quitclaim deed and that it is "no big deal, conveniently, the agent is a notary and can come to me to get it done really quick without any inconvenience."
6) The mortgage has no mention me, or provisions regarding me and "our investments" in "our" home if something were to happen to my husband.

Attorney Answers 4

Posted

Your fact pattern is unclear and does not add up. If your in-laws are funding the house, your husband can not own the mortgage. If you are making all the payments, your name should be on the title. Talk to a real estate attorney before signing anything.

Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-client relationship is established by this posting. An attorney-client relationship can only be established through signing a Fee Agreement and paying the necessary advanced fees.

Mark as helpful

4 lawyers agree

2 comments

Asker

Posted

My husband's parents = the seller and we are going thru a title co.; no bank; they are requiring husband purchase as "sole and separate property" and it requires me to sign a quitclaim deed to be filed with the rest of the documents which show my husband as "Purchaser, Sole and Separate Property" and my in-laws as leinholder. There is no mention of my financial contributions (down payment and monthly mortgage pymt.) I'm interpreting the quitclaim deed and the wording in the sale agreement to mean I am being directed to willingly, legally, forfeit and/or give up my rights/financial interests/contributions in the property being purchased.

Celia R Reed

Celia R Reed

Posted

You are correct and I can't advise you to sign under these conditions. You need representation or you will be taken advantage of.

Posted

You should contact a local attorney to represent your interests.

Mark as helpful

4 lawyers agree

1 comment

Howard M Lewis

Howard M Lewis

Posted

great counsel

Posted

You really need to be on the title please be careful and work with a local attny, take care.

Legal disclaimer: The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Massachusetts. Responses are based solely on Massachusetts law unless stated otherwise.

Mark as helpful

10 found this helpful

3 lawyers agree

Posted

Three out of state attorneys, competent though they may be, have definitely missed the point here. Idaho is a community property state. Property acquired during a marriage is presumed to be community, but that presumption can be overcome with documents that provide otherwise. That is clearly what you in-laws are setting up. You are mixed up on your terminology. The quitclaim deed will give up any claim you might have to the house by virtue of your marriage, and in the mortgage agreement your husband appears to be giving up the right to share the ownership with you at any time until the mortgage.

Whether this is a deal you are willing to make is something you will want to discuss with experienced local counsel. You cannot make an informed decision in your own best interests until you understand what your inlaws are proposing to do.

Best wishes for an outcome you can accept, and please remember to designate a best answer.

This answer is offered as a public service for general information only and may not be relied upon as legal advice.

Mark as helpful

3 lawyers agree

Real estate topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics