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Reply to "Advice Needed - Buying Someone Out"
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[quote=Anonymous]Before you take over the home & mortgage I would have your husband communicate over email to his sister and parents exactly what was communicated to him regarding the arrangement. That way everyone is clear upfront and if there are any objections the two of you can gracefully bow out if need be. From an outside perspective, his parents explanation makes no sense. If this were an investment property for the kids then the idea is for the kids to split the profit, not principal amount. If you take over the mortgage payments to his parents and not on the house then you will have a mess on your hands. If they transfer the deed you have to pay taxes on the gift. It doesn't sound like a well-thought out plan. I would ask a real estate attorney.[/quote]
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