If the parents are paying cash for a house for their daughter; and both the parents and the daughter are on the deed; can a house be bought as an OOcc

Asked by Sandi Cornett, Cibncinnati, OH Wed May 1, 2013

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Marge Bennett, Agent, Fort Myers, FL
Wed May 1, 2013
you could in Florida. I had some parents do that for their daughter when she got her first job. Put her on the deed so she could qualify for homestead exemption. They too paid cash.
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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed May 1, 2013
Hi Sandi
I'm assuming you are financing this property? If so, then your daughter would need to be on the mortgage with the parents as non-occupying co borrowers in order to classify this as owner-occupied. If not, then you would need to purchase it as a 2nd home or investment property, depending on how far it is from your current residence.

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Priscilla Be…, Agent, Salem, OR
Wed May 1, 2013
Yes. If no financing is involved, then anyone in title on the deed is an "owner". An "owner" would be occupying the property. I assume this would be on a condo, for instance, where there is a requirement from the HOA that it only have "owner occupants"?
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Lana Lavenba…, Agent, Grants Pass, OR
Wed May 1, 2013
That depends on on you as the owner - are you really an owner occupied home? We all want to help our kids and if they go so far as to say yes - it is in their mind that it is ok to say so. I would not be able to say that - we all know full well it is the parents buying for their child-in that case you would have to say no it is not owner occupied.
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Corri Klebaum, Mortgage Broker Or Lender, Clackamas, OR
Wed May 1, 2013
Yes in my opinion it would owner occupied because the daughter is also on the deed.
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Bill McEnany, Agent, Grants Pass, OR
Wed May 1, 2013
Sandi, I am not sure of your abbreviation of OOcc? Will you explain further what you are trying to achieve? Thanks, Bill
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