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need free legal advise

Discussion in 'Members' Lounge' started by CRX-YEM, Jan 5, 2004.

  1. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    Well, My grandmother is moving to florida, and I'm going to buy her house.
    We are not using a realtor, and we were wondering if there are any ways to
    sell the house to me and reduce some of the closing costs, taxes etc...
    also looking for info on sales of real estate between family members, if any one has any info or can lead me in the right direction that'd be great
     
  2. jiahanhao

    jiahanhao Senior Member

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    You are allowed to gift a certain amount tax free, not sure how much tho, It's pretty low...
     
  3. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    the tac free gift is under $11,000
    but I'm not sure if that helps us any, if she can make it look like she gave
    me $11,000 on paper and reduce my mortgage that would be great.
     
  4. ahedau

    ahedau Senior Member

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    you don't necessarily need an atty, you need an acct.

    Are you really going to buy the house or is she giving it to you? Do you have the money to buy it or do you intend to have a mortgage? Are you going to pay her instead of a "bank" for the purchase? Do you have any assests/cash for any type of down payment? What's the purchase price? How much has it appraised for?
     
  5. 92civicb18b1

    92civicb18b1 The Trisexual

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    Both of my grandparents houses were paid for in cash, I'm not an accountant/attorney or realator so I can't tell you anything. But I know theres a good reason why they paid in cash.
     
  6. brc80

    brc80 Senior Member

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    Im in real estate where do you live?
     
  7. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    I am actually purchasing the house. she has a small mortgage on it she needs to pay off and needs the extra profit to buy her home in FLA.
    I will be looking to get a mortgage thru a bank I assume.
    I have about 5-10K in liquid assets avaliable for down payment or closing costs
    the purchase price will be $145,000 ,
    and the last appraised value was for property taxes , appraised value $97,000

    as far as having a bank apraise it for a mortgage that hasn't been done.

    we both live in CT
     
  8. Jeef

    Jeef NO MA'AM Moderator VIP

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    Try seeing if there are any lawyer links on www.isoldmyhouse.com They are a website that has house listings without realitors. One of my friends sells realestate in CT so I will try to talk to him about this.
     
  9. pissedoffsol

    pissedoffsol RETIRED

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    the gift idea is good, but, there is a generation skip tax in CT... im not sure of the legalities of it though, but basically, its was deisgned exactly for this reason...
     
  10. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    yeah I read about the GST tax, but if the gift is below $11,000 it doesn't apply. see I was sondering if there was a way to show on paper that a gift of $11,000 was given but no money actually exchanges hands , it just looke like I've got $11,000 for the down payment from my grandmother, so I only have to some up with the closing costs and it looks liek I already have some equity in the property.
     
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