Legal Question in Real Estate Law in Pennsylvania

Purchase of a home

I am buying back my home from a friend who had the mortgage in his name to help me out, I have paid all the bills, mortgage, insurance, taxes, etc. My friend needs this debt removed from his name to pursue other purchases. Since I am paying cash and paying off the balance of the mortgage do we need to involve agents or lawyers? We are in Penna.

Asked on 10/31/07, 4:36 pm

1 Answer from Attorneys

Jack Hubbert Law Offices of Jack Hubbert

Re: Purchase of a home

Once the mortgage is paid off the mortgage company should file a satisfaction of mortgage so that aspect of the deal should take care of itself. You do need to get a deed from Friend to You and then record the deed. I would suggest that you engage a lawyer to do that - should cost no more than $500 plus the deed filing fee ($160) plus transfer taxes (4% of value if the property is in Philadelphia). You will be without title insurance so I would also recommend getting title insurance. That cost is based on the value of the property but expect to pay about $1,750 for $350,000 in coverage.

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Answered on 10/31/07, 4:45 pm

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