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Adult Children
Reply to "Buying Property for Young Adult Children"
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[quote=Anonymous]My parents bought a home for my sister; sister lived in it and paid mortgage and taxes, paid for renovations, etc. However, it ended up being very difficult for my sister to assume ownership. My parents thought she'd be able to just take over the mortgage in her own name, but in a typical mortgage when the property changes hands the full amount is due. Unless the goal was to keep the house as a rental property after my sister moved out, it would have been better for my parents to give my sister the down payment as a gift, than to buy the property in their own names. But, buying it as they did was better than my sister renting during all that time. She eventually took title to the property with her own mortgage and then sold it for a nice profit, although she was the legal owner for such a short period that she had capital gains issues.[/quote]
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