Posted on: 17th Jan, 2011 01:04 am
We live in Idaho and want to buy mom's home from her and let her live in while she can. Kinda of a layaway plan. Can we do this interest free? Who should pay taxes and upkeep? How do you establish a fair price to both her and us?
Hi jncda,
You can ask your mother to sign a property deed and transfer the property to you. She can add a life estate clause in it which will help her stay in the property until death. As you will be the owner of the property, then you'll be responsible for paying off the taxes. You should appraise the property and get to know the property value. The sale price of the property will depend upon that.
Thanks,
Jerry
You can ask your mother to sign a property deed and transfer the property to you. She can add a life estate clause in it which will help her stay in the property until death. As you will be the owner of the property, then you'll be responsible for paying off the taxes. You should appraise the property and get to know the property value. The sale price of the property will depend upon that.
Thanks,
Jerry