Posted on: 11th Sep, 2010 02:46 pm
I've been living in a condo, paying all expenses, for about 10 years. My parents want me to buy it from them and I've got a couple questions regarding how we would go about it with minimal cost implications. The condo is free and clear. I would like to try to keep all expenses as they are now except i understand i would have an added expense from the mortgage. We are currently taking advantage of the homestead tax credit, any way to keep that where it is and not have it reset with the transfer? What would be the best way to make the transaction? I can get a conventional mortgage for the value of the condo.
Hi djw,
As the property is free and clear, your parents should sign a warranty deed and transfer the property to you. You can take out a mortgage on it and pay off your parents. Once the property is transferred in your name, you'll have to apply for homestead once again.
As the property is free and clear, your parents should sign a warranty deed and transfer the property to you. You can take out a mortgage on it and pay off your parents. Once the property is transferred in your name, you'll have to apply for homestead once again.