The home I live in is co-owned by my dad and myself (50/50) but the mortgage deed is in my dad's name but I have been paying the mortgage all these years. I would like to re-finance and remove him from the Mortgage deed. Current Mortgage amount is $200,000
After a few months, I would like to purchase the property from my dad for $500,000 (fair market value). This would enable him to get a chunk of money ($250,000 or 50%). I would get $250,000 - $200,000.
Is this legally allowed. As far as I'm concerned (with my limited knowledge on this!), I'm helping dad get some equity of the house minus the capital gains of course.
After a few months, I would like to purchase the property from my dad for $500,000 (fair market value). This would enable him to get a chunk of money ($250,000 or 50%). I would get $250,000 - $200,000.
Is this legally allowed. As far as I'm concerned (with my limited knowledge on this!), I'm helping dad get some equity of the house minus the capital gains of course.
Statistics: Posted by plansimmer — Wed Sep 04, 2024 9:08 am — Replies 8 — Views 634