<prompt> Human: Ive been looking and planning up to buying a house for a few years now and was planning on pulling the trigger on a house this year, my dad has recently decided to move and offered for me to buy the house our family currently lives in. Hes offering a hell of a deal for it and Im feel like I can afford it with some careful planning so I want to buy this house from him. The part Im getting worried about is he want to keep the mortgage in his name he said. Our understanding is that he will be acting as the bank I take a loan from to pay for the house. My question for yall is what do we need to do to make this all legit and make sure neither one of us ends up getting shafted. Any help or things to worry about would be much appreciatedAssistant: The part Im getting worried about is he want to keep the mortgage in his name he said.Our understanding is that he will be acting as the bank I take a loan from to pay for the house. My question for yall is what do we need to do to make this all legit and make sure neither one of us ends up getting shafted. Any help or things to worry about would be much appreciatedSo my brother and father are in a similar situation, kind of. My father bought a foreclosed house in cash for really cheap. The house is in my Dads name, so ultimately he is responsible for the taxesetc. My dad also helped fix the house up so it was liveable, with no expectation that my brother would pay him back for those expenses.My brother couldnt go the actual bank loan route because of his extremely poor credit. Basically my dad has my brother paying him extremely discounted monthly rent to live in the house until its paid off. My Dad is acting like the bank.I recommend you dont do what my brother and dad did. Its driven a huge riff between my father and my brother because my brother doesntcant make his payments to my dad. Its tearing the family apart. Its turned from just a money issue into a I cant trust the other person issue and its really, really sad.If you cant get a loan from a bank to pay your Dad for the house, you shouldnt buy the house.My brother and my dad both had the best intentions going into this deal and it went south. I honestly believe it could happen to just about anyone. Dont involve money with family. Go through a third party like a bank.Human: This was a thought I had for a long time and I always try my best to follow, family and money dont mix well. The part thats really been drawing me towards this deal is he would give me a 3 interest rate on the house and a steep cut on the value of the home for the sale  <response>: Shoulda put this up top. Youll want to make sure to pay that money directly to the lender. Youll also need some kind of purchase agreement at a minimum to protect yourself from other parties. The agreement should state when title will be transferred, who pays the taxes, etc. it should also spell out what happens when a party dies. You might want to invest a couple grand to get yourself an attorney to draft the agreement. You dont need the lawyer for negotiation, just to write the contract. 