Q: I want to sell my daughter my house for a lot less than it's value. What kind of lawyer do I need for this type of sale?
Want to just give her the home without her buying it to save on closing cost. House is valued at $400,000.00, If I sell it to her for $200,000.00 is there any tax laws that might come up? Where do I start? I plan on paying off the very low mortgage that I have and giving her the rest of the mortgage money back to roof and side the house.
2nd part of question:
I understand if I deed her the home and I have something happen to me they can take the house to pay medical bills. This is what I'm trying to avoid.
A:
May I ask why are you selling it at all and not passing to her in a trust? Is there any financial benefit involved?
If your basis for the house is very low maybe it's better to do some estate planning first?
When you do a sale transaction there are lots of fees involoved from both sides especially if there is a mortgage.
Why don't you get a consultation with estate attorney first before proceeding?
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
6 users found this answer helpful
A: You can just deed it to her, and then she can get an equity line to pay you. Or, you can structure it as a sale, and she can get a mortgage to purchase it. The first option is easier. From the legal side, recording a deed is inexpensive. If it is a closing with a purchase money mortgage, then the fee is like any closing.
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