Updated over 8 years ago on . Most recent reply
Quit Claim Deed Refinance Gift Tax?
Hello, this is my first time posting but I have been reading articles for a long time. I have found a few similar to my question but not exactly what I am looking for. I have an opportunity in the future to purchase investment properties from my uncle. My Grandmom is still alive, but when she passes ,her two houses and building with 2 apartments and 2 small businesses (mechanic and HVAC) will go to my uncle. He wants to sell me those properties and I didn't know the best way to go about it. I herd an easy way to do it is to quit claim it to me and then refinance to get him off the title and then pay him with the refinance. The properties need work so he would give a deal and use the rest of the refinance to fix up. All properties are rented and have been rented for 10+ years. Is this a good way to handle the deal? It's all pretty new to me so any advice would be greatly appreciated. Thank you.
Dylan