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My mom wants to sell her home to my husband and I. It is worth…

My mom wants to sell...
My mom wants to sell her home to my husband and I. It is worth approx 300,000 and she wants to sell it to us for 185,00. She wants us to pay her roughly $70,000 to buy off her current house loan and give her some extra cash, and she will carry the reamaining amount.She is over 57 and has never sold a house before so I know that effects capital gains. She also wants to transfer her Proposition 13 status to us. What is the best way to go about this sale?
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Answered in 7 minutes by:
6/27/2010
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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She'll have to pay capital gains taxes on any profit she makes from the sale. However, she has the right to reduce her gains by the amount of money she has paid for the house over the years.

 

If you're paying $70k down, you'll need to execute a promissory note and deed of trust for the remaining $230,000.00.

 

Proposition 58 allows a property owner to transfer his/her principal residence, and up to $1 million other real property to their children without reassessment. The million dollar limit refers to assessed value, not market value.

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Customer reply replied 8 years ago
So she cannot sale it to us for $185,000? Do we go through a real estate attorney for the promissory note?

Yes, she can. Sorry - you said it was worth $300k, but she was selling for $185k. My mistake - she can do this.

 

You can get a note from an attorney or you can find one online.

Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
Roger and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 8 years ago
Thanks!
Sure. Good luck.
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