Purchase agreement

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Purchase agreement

How do I write a purchase agreement to buy out my siblings on my parents house/

Asked on June 2, 2009 under Real Estate Law, Michigan

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Real estate agreements are among the most heavy litigated contracts and cause more issues that you can ever imagine as a result of the statute of frauds and the rules of equity.  In my career, i have seen more fights involving family members that I ever thought was possible.  You do not want to write this contract yourself.  You want to make sure that you have a lawyer involved, including non-family witnesses to the agreement.  This way, your sibling will be disinclided to fight.  I do not want you to make a mistake that i see all the time, so please see a lawyer and explain how you want the payment terms to read and so forth.


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