Home Buying in Sherwood>Question Details

chooserecove…, Home Buyer in Houston, TX

If my inlaws are getting a loan to buy property and we will live there with the intention of my husband and I buiding our credit to take over the loan

Asked by chooserecovery, Houston, TX Mon Mar 25, 2013

can we:
A) get on the deed at purchase?
B) if we can get on the deed, can we have a tax deduction for any/all renovations we do to the house
C) if our parents pass away does this give us the right to take over the loan or refi with a loan with no hassles since we will be on the deed?

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Answers

3
I think you can do all if you co-sign with the in-laws or make a LLC. I assume your in-laws are getting an investment loan rather than a primary residency based on your intention, LLC may make better sense and I'd like to guide you to a couple of local attorneys who can go over the options with you.
0 votes Thank Flag Link Wed Apr 3, 2013
OK A you can get on the deed but then you will also need to be a part in the loan process. If you are not in the loan process-the inlaws can do a new deed after closing and put you on it. If you are on the deed it will depend on how your tax person looks at the renovations as to whether or not it will be tax deductible-not all renovations are. If the parents pass, it will allow you to own the property ONLY if that is the way the new deed is recorded. The state you are in may have different requirements than where I am in Oregon - so you may have to speak with an attorney that handles "estates" to see if there will be any other requirements so that you can take care of it now.
0 votes Thank Flag Link Mon Mar 25, 2013
Thanks for rewriting your questions. :)

I wish I could be of more help, but here are my "sort-of" answers.

A. Your parents should be able to name you on the deed even though you are not on the loan.
B. This is a question for a CPA. Realtors are not legally authorized to give this type of guidance.
C. This would be a good question for a real estate attorney (or probate attorney) or your parents' lender. Typically, being on the deed is different and separate than being on the loan.

Sorry I can't answer better than this. I do have some great resources I could set you up with for attorneys, lenders and CPA's if you would like. Just call me at 503-522-5803.

Good luck!
Mandy Lewis
http://www.PDXRockstars.com
0 votes Thank Flag Link Mon Mar 25, 2013
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