Legal Question in Real Estate Law in Texas

About a year ago, we bought a home from a bank in our company and son's name. The son was to occupy after repairs. It is now ready for occupation. The money was paid by our company but the Special Warranty Deed shows the joint ownership without a ratio. We were planning to do a "contract for deed" in his favor now but the appraisal district shows 50/50 ownership. We would like to maintain some control so that the money is paid, as agreed and don't have to go through foreclosure etc. What is the best way to handle this?

Asked on 12/22/13, 5:05 pm

Mark Dunn Mark D. Dunn

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1. The company can quitclaim the house to your son.

2. At the same time, the son can give a mortgage to the company (via a deed of trust).

3. I assume that a promissory note is involved.

You should have a lawyer handle this.

Answered on 12/27/13, 2:17 pm

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