WTTCS
freedom , U.S.A.
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Joined: 07/28/2003
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There are many ways to "sell" your home to your dau, other than conventional means. Check with a good real estate title company.
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hitchup
Fulltiming in Gainesville, VA
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Joined: 02/17/2005
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We've gone the nonconventional route as sellers and buyers.
We sold 2 beach lots back in the 70's and we carried the contract. It was a great way to finance creatively since we got a bit higher interest rate than a bank would have charged the couple and after a couple of years, they resold and we were cashed out.
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trkrhelp
On The Road
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Joined: 06/20/2003
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A lease/purchase agreement, if drawn up correctly, can be a "sale" for tax purposes. Another way to do it would be to sell it to her now with fixed payments and a ballon payment in a few years when she'll have the money to complete the 20% down for a refinance. Then she pays you for now, just like on the lease - you've officially sold the house, transferred title, etc. and she has the time she needs to get more equity or cash to handle a refinance and pay you off.
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Kirk
Livingston, Texas.
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Joined: 06/17/2001
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phyllen
Many people own real estate in places other than the state where they domicile. Some even have real estate in more than one state. That has nothing to do with your legal domicile.
Good travelin! ........Kirk
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phyllen
Bridgeton, NJ
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Joined: 10/27/2007
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Kirk - thanks. That is just what I needed to know!
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DarkRubiTJ
Livingston, Tx.
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Joined: 04/04/2006
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Phyllen,
Just to re-enforce what Kirk said, we own a house and property in Virginia and a home at Rainbows End in Livingston. We are Texas residents, we contacted the City Of Norfolk VA. and told them that we established residence in Texas and had registered all taxable personal property legally in Texas. Our tax bill from Virginia stopped as of April 1st, 2008, we had to talk to the Tax Accessor personally, because he seemed like the only one that had a brain, but he made it happen for us. Funny thing is that he and his wife are considering moving to Texas next year, he's had enough of the Commonwealth.
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