help i dont know what type of form to use
we are buying a home off a friend of ours who has it through an article of agreement. My question is what type of form should we should use, Assignment of Real Estate purchase and sales agreement, contract of deed ? There are so many forms but i dont know which one to use.
jsweet5,
Glad to meet you.
Does your friend have the Deed on the property you want to purchase?
What State are you in?
We can see from there if we can help you.
Welcome on board this board, just a couple more details to help make a sound decision.
John $Cash$ Locke
no he doesnt have a deed to property, he has 3yrs left on his article of agreement until he can receive the deed... he wants us to take over the payments and then once he gets the deed he will transfer it to us. We live in Pennsylvania.
jsweet5,
I am not familiar with an Article of Agreement but it sounds like your friend took the property with the existing deed and loan on the property staying with the person who sold it to him. If this is the case I would advise against this type of transaction.
You have no control nor does your friend over this property. If the original owner has a lien or encumbrance placed against him then it would attach to the property.
Does it say that this Agreement is transferable to another person? If so under what conditions, or is there a balloon note due in three years on the property or is it paid off?
John $Cash$ Locke