could i buy half of my parents house they have no morgage it is all paid for?

Answer 1

If they want you too, yes, but you must structure it like any other mortgage (unless you are paying cash). You cannot buy it for something well below market value, like $1, or the IRS will consider it a gift and gift taxes will be due.

Your parents become the lein holder (the mortgage company) and you make payments to them. There are tax ramifications to do this for both your parents and yourself so you NEED to consult with a tax accountant beforehand so you know what to expect. You should also ask a lawyer to draft the contract.

You would then be liable for half the property taxes on the property, as well as making the payment to your parents every month for the loan if they are the loan holder. You can also get a mortgage for your half of the property, in which case you will need to pay them, but because you and your parents are both owners, the legal obligation on the mortgage will be shared.

As someone else has suggested, you will need to be sure you don't risk your parent's credit or home by defaulting (not paying) if you have a mortgage. It is also possible that if you are half owner of the house, it might impact property taxes. In some states, seniors (over 65) are exempt from property tax increases, but you would not be, so you need to find out how your ownership interest impacts the property taxes.

One of my friends co-owns a house with her parents in CA; she does not get the senior property tax exemption/limitation.

Answer 2

You can only buy 1/2 of a house if it is a duplex. Which means it is legally split into two property's with two sets of property taxes and 2 deeds and everything. You also have to be of legal age for most states 21yrs or older.

Answer 3

yes, but you will need to do this legally. I would suggest you obtain a real estate attorney in your area. They can best advise both you and your parents about the best course of action for your situation. One biggy is you will have to decide how you will be titled, "Tenant in Commons,or Joint Tenants". Joint tenants have the right of survivorship. You could offer your parents a life estate in the property, which in effect gives them all the bundle of rights except when they pass, you get become the sole owner. It can be complicated. Hope that helped.

Answer 4

Morgan Stanley / earnings had a product referred to as Flexishare which changed into an open marketplace shared fairness product. regrettably they have at present withdrawn this product yet this does not advise that's in basic terms not reinstated. Your interior of sight housing affiliation ought to nicely be worth contacting as they could nicely have an interest in paying for the sources and entering into right into a shared possession manage you. Matthew Trott - Charcol

Answer 5

yes, however, you would need it all to be done though solicitors/attorneys/lawyers as in the UK if they die within 7years it could be considered a gift and subject to inheritence tax.

you can therefore buy for whatever price your parents want to sell it for but must be done through a solicitor/attorney/lawyer.

good luck. x x

Answer 6

You have to pay a"reasonable market value" for it.

The land registry will check this when your name is added to the deeds.

Its to stop people "gifting" houses for £1 etc

Answer 7

If they are asking for a price go ahead or if they want to leave it to you that would be better.. it may be a conflict of interest as it is family, I think it would be best if they hand it down to you.

Answer 8

Yes you could but you will have to get a new contract and deeds via yours and your parents solicitors.

Answer 9

ask them but if u do, get an agreement of some kind. i.e.what rent you pay,portion of each bill, and have it notarized

Answer 10

you can with your parents permission and consult two solicitors one acting for you and other acting for your parents.