Home Buying in Bowie>Question Details

Kenny, Home Buyer in

My father and I are buying a house together. He is 100% disabled vet, and exempt from paying property taxes.

Asked by Kenny, Sun May 18, 2008

We would like to know if I am on the deed as well as him, will we still be able to receive the 100% property exemption or a percentage?

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7
Kenny, your local couny appraisal district should be able to answer your question with ease. Ask your agent for the appraisal districts number that is applicable to your home and either have them call for you to ask, or place the phone call yourself.
Good luck!
Web Reference: http://www.ChrisTesch.com
2 votes Thank Flag Link Sun May 18, 2008
Some food for thought. You could acquire and deed the property in your fathers name. Then create a will making you the beneficiary of the home.

Just an idea...
Web Reference: http://www.bigdrelo.com
2 votes Thank Flag Link Sun May 18, 2008
Kenny, What Mark said would truly be some food for thought, HOWEVER, since you did put the additional note down about where the property was located, it would be VERY WISE for you to contact not only an agent in that area, but a real estate attorney for that state as well. In SO MANY cases, each state has there own laws when it comes to real estate and not having any knowledge of Maryland laws, I don't think we should even speculate. Good luck.
1 vote Thank Flag Link Sun May 18, 2008
Kenny, please check with an attorney before you begin the process.

We became homeowners in 1983 when a similar arrangement between my father and us collapsed. He'd heard from someone at work that he could help us buy a house by letting us rent for several years while he updated it and then we'd assume the mortgage on an updated house. We got a house under contract at a price point we could afford in 5 years per the plan, got quallified for the mortgage which my father was going to assume from us, and closed on the property. Then my father got cold feet and backed out. We ended up with more house than we could afford (dad did kick in for a year or so to help with the mortgage payments) with a new baby on the way and a negative cash flow when she arrived.

We were too wet behind the ears to check anything out, and my dad was a world class procrastinator. When he did check things out, we already owned the house and he found out that his tax shelter/help us buy our first house scheme would not work out. We struggled for years with the payments and maintenance on that house. My dad died in 1995 and it's been a sad bit of history between us. Throw a disgruntled stepmother into the background and the scenario doesn't get any prettier.

Check it out. Put the arrangement and agreements in writing as you would any other business venture. You'll be glad that you did. Then everyone will know they're on the same page if and when issues come up in the future.
0 votes Thank Flag Link Sat May 24, 2008
Kenny,
Laws vary from state to state and the chain of title in the case of death ( with out a will ) will vary from state to state to state. So do check with the title company before closing. If you are on the mortgage you must be on the deed. He can be on the deed with out being on the mortgage in most states. Maybe not at the onset but can be added in a few months. You definetely need to speak to the title company. They do know all the Tax exemption answers.
0 votes Thank Flag Link Wed May 21, 2008
If you ask you loan officer they can detail that information for you. Never purchase a home unless you have your OWN real estate agent who is going to represent you don't purchase direct from a builder, seller, or a listing agent.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun May 18, 2008
Additional note: The property in question is located in Prince George's county, Maryland.
0 votes Thank Flag Link Sun May 18, 2008
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