Question by  weegee06 (25)

What are a few of the most important considerations when buying a home from parents?

My wife and I are considering buying a house from my parents.


Answer by  jmac3333 (32)

Make sure you get a legal document which is signed by both parties. Financial matters can lead to problems between family members.


Answer by  Abbie (282)

Are you getting a fair price, and are your parents getting a fair price? Also, what happens if you find some major problems with the house after you have bought it? Would you be able to approach them and have them pay for the repairs. Also, would your parents feel like they are doing something for you?


Answer by  bash (1026)

Your parents should have alternate house to live in. You shouldnot go for a bargain sine they are your parents. You should be careful to maintain your relationship.


Answer by  Bo99 (392)

To me, there is no difference of buying it from parents or strangers. You have to find the real value of the house from the marquet. Then, hire a specialist to inspect the whole house, to see if everything is fine with it. Ask your parent for the heat and electricity bills.

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