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Buying a condo from a family member?

Long story shortish, my Nana wants to sell me her condo instead of renting it to someone else, but I am only 21. I have good credit, but I'm not sure I would be able to get approved for a home loan just yet. I would only have about 5-8k to put down as a deposit. My Nana doesn't want me to have to pay for than a 5% interest rate (which a loan would definitely cost way more). Legally, she wants to make sure she is covered in case anything does happen.

What would be the best way to go about it? Rent to own is usually in favor of the owner. She suggested I talk to a real estate lawyer and see if we can draft a contract in favor of me, the buyer.

Is there a better way to go about this all? I was looking into Owner Financing. Are there other options I should look into? I'm trying to do more research but am clueless about this all. Any advice or direction is much appreciated!

submitted by /u/wickedxsiren
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source https://www.reddit.com/r/RealEstate/comments/161nu98/buying_a_condo_from_a_family_member/
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