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mortgage note form
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The Rent and Mortgage Interest Restrictions Acts, 1920 and 1923: With introduction, notes, rules and forms, and the text of the repealed acts … |
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Practical forms of agreements: Relating to sales and purchases, enfranchisements and exchanges, mortgages and loans … with variations and notes … |
How much do you have to sell a house for?
My brother owns a house (grandfathers old house). It has $27K left on the mortgage, and he owes $23K in the form of a “promissory note” to my parents, who my grandfather left the house to when he died. The fair market value of the house is probably $50 – $60K. Can my brother sell me the house for $27K? He would continue to pay the promissory note (monthly payments) and I would cover the new mortgage. Are their any tax implications for my brother or I in doing this?
Yes he could do that if he wishes. It is likely that your basis in the house would be the $50-$60K that the FMV is. That Might depend on what your brothers basis was. It is remotely possible that he could have a tax consequence if he has not lived in the house for two of the last five years. But other than that this is just fine if that is what he wishes to do.
Note, Mortgage and Deed of Trust Explained
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The Rent and Mortgage Interest Restrictions Acts, 1920 and 1923: With introduction, notes, rules and forms, and the text of the repealed acts … |
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Practical forms of agreements: Relating to sales and purchases, enfranchisements and exchanges, mortgages and loans … with variations and notes … |