Legal Question in Real Estate Law in California
Real Estate Loan from Relative
My mother-in-law is providing me a loan for a down payment on a house in which I will live, and is not asking for any payments of interest or principal until I sell the house or refinance. Can you suggest the proper forms to use for this? Thank you.
2 Answers from Attorneys
Re: Real Estate Loan from Relative
A note and subordinate deed of trust.
Re: Real Estate Loan from Relative
There is no form I know of for this situation. It sounds like your mother in law might be under the impresstion that this is a gift rental, meaning that you will be able to stay there rent free until your mother in law decides otherwise. As she is making a gift, she owes no legal obligation to you to give you title or anything else. I would not look a gift house in the mouth. I would recommend against asking your mother in law to sign anything. If you do get title someday, great, but I would not expect it if I were you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
