Posted on: 19th Feb, 2008 08:17 am
We would like to purchase my in-laws house and would like to know what our options are. We would like to keep the same property taxes and it looks like that is possible in their county. My in-laws are in their early 70's and my husband is one of 3 children. Any advice or options would be appreciated.
You should prepare and record a grant deed.
As for taxes, check with the county where the property is located to see about intrafamily transfer exemptions.
As for taxes, check with the county where the property is located to see about intrafamily transfer exemptions.
Hi Kermoiant,
Welcome to our forums.
As much as I know, when there is a transfer of property, the property is assessed for tax purposes. However, this may vary from one state to another. So, just contact your local tax assessor's office and confirm it from them.
good luck
Welcome to our forums.
As much as I know, when there is a transfer of property, the property is assessed for tax purposes. However, this may vary from one state to another. So, just contact your local tax assessor's office and confirm it from them.
good luck
Typically, when a property is transferred, it is reassessed. However, there are many exemptions. For instance, an intrafamily transfer to immediatley family, or transfer into certain kinds of trusts. Usually, the assessor's office with have an exemption form that you can check off the box with the appropriate exemption. If you are unsure, contact a local real estate attorney.