Q: What is the best way to buy the house i am renting from my inlaws ?
We have a very basic rent to own agreement from 5 years ago. Purchase price 400k. Value now is about 650k. Would there be a 250k gift consequence? This I believe is a non arms length transaction and can be looked at as a large gift ? Please shed some light on the laws.
A: If you already have an option to purchase at a predetermined price, then you would purchase the home at that price. There is no gift of the excess equity.
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