Posted on: 13th Oct, 2009 03:02 pm
my brother is concerned about going into a nursing home within the next 5 years and wants to sell me his house which we live now. we are looking for the simpliest way to do this.
Shouldn't be too hard - once you decide on a fair price, go find a solicitor and it should be a simple sale/purchase.
you will probably need to pay a little in legal fees but not much.
you will probably need to pay a little in legal fees but not much.
Hi mbrown,
You can definitely buy the property from your brother. The purchase has to be made at a fair market value. Otherwise, it will be considered as an arm's length transaction. If there is an existing mortgage on the property, you will have to pay off the loan. If the loan is assumable, you can also assume the loan from your brother and take over the responsibility of the mortgage payments.
You can definitely buy the property from your brother. The purchase has to be made at a fair market value. Otherwise, it will be considered as an arm's length transaction. If there is an existing mortgage on the property, you will have to pay off the loan. If the loan is assumable, you can also assume the loan from your brother and take over the responsibility of the mortgage payments.
