We want to buy the house using cash that we have saved up so that we would own the property completely and rent it out. (We already own a primary house w/mortgage)
We have looked at the possibility of quitclaim deeds and have also thought of gifting her the 20k to pay off the mortgage herself. We want to ensure that she uses the cash to pay off the debt to the house. (She is enthusiastic about selling the property but is kind of a nitwit when it comes to financial transactions...sorry mom!)
?Since the property is so cheap we want to avoid fees that would be a percentage of the overall price. Any thoughts on a method that would be simple for her yet legally sound for us? We don't want to make the IRS or the state of Indiana mad at us!;)
Source: http://www.zillow.com/advice-thread/Purchasing-a-family-members-home-for-what-they-owe/480015/
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