Associate
- Joined
- 5 Apr 2004
- Posts
- 1,198
This is a tricky one.
If a family member was to buy your house from you in full with money that the parent had given them or the parent bought it and gifted the house to them. Essentially as a cash purchase not requiring a mortgage for the buyer, with the seller having a mortgage, which is a 1/5 of the sale price.
What would be the steps in doing this be? Legal things to look out for? expected taxes and ways of trying to reduce them legally? Official people to get involved and perhaps financial advisors?
If a family member was to buy your house from you in full with money that the parent had given them or the parent bought it and gifted the house to them. Essentially as a cash purchase not requiring a mortgage for the buyer, with the seller having a mortgage, which is a 1/5 of the sale price.
What would be the steps in doing this be? Legal things to look out for? expected taxes and ways of trying to reduce them legally? Official people to get involved and perhaps financial advisors?