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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Lets say you buy your parents home....
are the closing costs the same amount (15-18k) as buying a regular home?
Do you need laywers?
Is it only a tranfer of deed?
not me, but my fbil is buying my inlaws house and he said he wont have any or little closing costs. I disagree
whos right
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Posted 6/12/07 4:14 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Lets say you buy your parents home....
good question
if there is a mortgage involved- there are going to be closing costs
not sure about a deed transfer- that doesn't sound like you would have closing costs on that
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| Posted 6/12/07 4:17 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Lets say you buy your parents home....
Posted by Beth1210
good question
if there is a mortgage involved- there are going to be closing costs
not sure about a deed transfer- that doesn't sound like you would have closing costs on that
yes there would be a mortgage!
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| Posted 6/12/07 4:18 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Lets say you buy your parents home....
If they are gifting him the house then it's just a transfer of deed. If they are truly buying the house (even for a cheaper price than market value), getting a mortgage, etc it's all the same. We bought my ILs house. Same closing costs. We both needed lawyers, and it couldn't be the same lawyer.
I'd also urge your BIL to get an inspection. We didn't since my ILs assured us that they knew what was wrong with the house. But when you've lived somewhere a while you start to overlook things. Imagine our surprise when 3.5 years later we've had to replace the roof, fence, plumbing, electrical.....the list goes on and on and on.
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| Posted 6/12/07 4:19 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Lets say you buy your parents home....
Posted by Jessica
Posted by Beth1210
good question
if there is a mortgage involved- there are going to be closing costs
not sure about a deed transfer- that doesn't sound like you would have closing costs on that
yes there would be a mortgage!
then I doubt there is anyway around the closing costs
I can double check with Jake when I see him later
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| Posted 6/12/07 4:22 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Lets say you buy your parents home....
Posted by CathyB
If they are gifting him the house then it's just a transfer of deed. If they are truly buying the house (even for a cheaper price than market value), getting a mortgage, etc it's all the same. We bought my ILs house. Same closing costs. We both needed lawyers, and it couldn't be the same lawyer.
I'd also urge your BIL to get an inspection. We didn't since my ILs assured us that they knew what was wrong with the house. But when you've lived somewhere a while you start to overlook things. Imagine our surprise when 3.5 years later we've had to replace the roof, fence, plumbing, electrical.....the list goes on and on and on.
thank you
this is exactly what i thought
they are buying the house, cheaper price than market vvalue, but still BUYING a house is what i thought. So i knew you needed lawyers and stuff...
Gotta go tell them
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| Posted 6/12/07 4:22 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Lets say you buy your parents home....
Posted by Beth1210
then I doubt there is anyway around the closing costs
I can double check with Jake when I see him later
thanks Beth
but i think we both know we're right. There has to be closing costs
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| Posted 6/12/07 4:26 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Lets say you buy your parents home....
We bought my parents house. The only difference was that we used the same lawyer. The price was the same as if they sold to someone else. The closing costs were the same.
Nothing was different than a stranger buying the house.
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| Posted 6/12/07 4:26 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Lets say you buy your parents home....
if he is getting a mortgage then yes he has to pay closing costs.
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| Posted 6/12/07 4:35 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Lets say you buy your parents home....
would the closing costs be less if the house was gifted and then a home equity loan was used to pay her parents?
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| Posted 6/12/07 4:35 PM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: Lets say you buy your parents home....
we are buying ILs house from them this summer. luckily, they have no mortgage left on their house, so there will be no closing costs involved ( although we have a hosue we're selling, so we'll have some with that). basically, they are just transferring the deed over to our names, and we will be paying ILs a "mortgage" payment every month directly. FIL found a website called legalzoom.com that has a predrafted contract or something like that ( not really sure- DH has been handling the details of that, its his parents- LOL ) .
but so far, it looks like things are going smoothly. we also don't need an inspection, being that DH lived there the whole time he was growing up and knows the house inside and out, and FIL has been honest and gave us money off for a few things that he knows could be a problem....
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| Posted 6/12/07 4:39 PM |
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