Ramifications of buying house from parents?
Saturday, July 30th, 2011Question by SFS: Ramifications of buying house from parents?
I’m sure that this is a common enough question, and I have a decent idea of what needs to be done (real estate attorney) to complete the deal. We would be buying the house and leasing it back to our parents to help them with MediCare limits.
Neither my sister nor I currently own a home and do not have plans on buying in the near-future. Is is legally possible to buy the equity in the house for ? Would doing so hinder or assist our credit when the time comes to buy homes of our own?
Best answer:
Answer by golferwhoworks
are you ready to pay the taxes on this transaction? If so then go for it
Know better? Leave your own answer in the comments!