If there are other children/heirs they may require that you pay market value for the property. Best to check with other heirs, if there are any, to make sure they will approve the sale and the price.
Depending upon how the estate has been left, you may get a "step up in basis" on the taxable value of the property. In other words, when someone dies and leaves property to a family member the value of the original price (in your case, 1989) is adjusted to today's value (you'll have to get an appraisal) with no capital gains tax due when the property transfers to the heir (you). The county will re-assess the property when it transfers and your property taxes will be based on today's value.
You need to speak with either the lawyer handling your father's estate or a CPA to get qualified advice.
There are 3 different co-op HOAs in Rossmoor. They each have their own coupon or dues. The
range is from $ 582-$ 775.00 per month. Added to that monthly dues is the property tax which
is 1.25% of the current sale price. ( what you pay today for the property). If you call me I can tell you which Home Owners Association your dad's coop is in and what the monthly dues is there.
Rossmoor is a 55 and over community. You can purchase if you are younger but cannot live there
unless one of you (married couple) is 55. As an owner you can only rent out the co-op for a total
of one year. Rossmoor discourages renters, wants owner occupants. I would be happy to meet
with you and answer any and all questions re: the Rossmoor Community. I work at Rossmoor
These guidelines change periodically, so you always need to be aware of the current rules. Please feel free to call or e-mail with other questions.
The best advise is to speak with a CPA who knows the area. Also, ownership in Rossmoor is dependent on at least one of the parties being 55 yrs or older. As stated below, your property price is base on the current purchase price if it is sold and not just part his estate or an inheritance. A professional is always the best first contact. I can put you in touch with one if you are interested.
The parent and children transfer can be done without payin $7,000 grf. However you have to go thru escrow process and qualify for mutual finance requirements. Your coupon should remains same. However if your are purchasing from estate situation may different. It depend on which mutual your father's property is located. The basic monthly dues for mutual one is $574, mutual two is $ 678. I hope this answer your question and if you have any other question please feel free to call me or stop by my office located at safe way shopping center across from Rossmoor gateway.
925 212 2605
Usually the new purchase price with determine your taxes. If this is in Rossmoor???? the tax rate is.1.25% of the purchase price. There may be ways to save money however. Was the co-op in a trust for example. It would be good to understand the details. Please call me anytime and I would be happy to review with you.