I will be attending our county’s tax sale in October, and I was wondering if anyone has any experience buying property at such a sale. Was it a good or bad experience? Did the defaulting owner ever redeem the property? Or did you end up with a quitclaim deed, and if so, how long did it take? Thanks!
Buying a home with parents-in-law as investors: - How to structure the purchase to protect all involved?
May 22, 2009 in
Questions And Answers
My wife and I are buying a house. My parents in law want to invest in this house too, so are putting 0k into it (cash). We will get the balance via a mortgage and will live in the house paying all living expenses. Parents in law are doing this purely as an investment, meaning that when we sell in a few years they want to extract their profit relative to how much of the property they own.
We want to make sure we can take advantage of mortgage interest tax deductions, homestead exemption etc. They want to make sure they don't have to pay tax on any profit they make.
How do we do this? Do they 'gift' us the money, then after we close do a Quitclaim deed? if we do that, when we sell the house can we split the proceeds any way we want?
Or do we do this as an 'on-demand' loan from them?
Or do we do this as a joint investment and close together?
It seems more complicated than it needs to be.
How can i get out of a real estate deal and calculate net equity assuming no loss or no gain?
May 12, 2009 in
Questions And Answers
The property is currently owned by me & my business partner. I wanted to get out of this deal and have some significant equity in the property. In order for me to determine my true equity & also conform to State of MD rules and regulations, I had these questions that I am hoping someone can help me with
1) If I sign a QuitClaim Deed, will that be enough to remove my name and all interest in the property? (To avoid any tax and liability issues)
2) Will the state re-issue the deed to the other partner? Will it be done at any costs? If yes, how much (approx) will it cost to do so?
3) Is a title company required to do this or we can go and do this directly with the state?
4) How does one calculates true equity value in the property if I were to sign a Quitclaim deed? (Say i invested k. How do i calculate equity for a no gain or loss situation, keeping in mind that I did enjoy tax benefits last year)
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