Buying House From Parents
My friend wants to have his parents put their house on sale so he can buy it from them, taking out a mortgage himself to pay for it. I'm telling him that there might be legal problem with this. Am I right? I think he would rent the house back to his parents and stay in New York. Something doesn't seem right. Can any experts help?
Asked on 3/06/03, 5:35 pm
1 Answer from Attorneys
Miriam Jacobson
Retired from practice of law
Re: Buying House From Parents
Without knowing more facts, there is no reason why parents cannot sell or even give a property to an adult child. The child could then give a mortgage on the property, live in the house, or rent it out.
If you could articulate your concerns, or even better, if your friend could consult a lawyer to go over those concerns, the reasons for the transfer, some facts about the parents, etc., a better response could be given.
Answered on 3/07/03, 5:38 pm
Related Questions & Answers
-
Deed in lieu what, exactly, is a deed in lieu? Asked 2/24/03, 10:14 pm in United States Pennsylvania Real Estate and Real Property
