All Forum Posts by: Ernest Rogers

It is NOT family nor any kind of relative. They came from nowhere. I don't want the house, so I am keep rent/mortgage low, and sales price low. Honestly, if I could be lucky enough to be gifted enough money to pay off my mortgage, and enough for this house, I would give it to them !!! I am trying to help, without putting myself and my family out or in a hole. 

Thank You very much.. I didn't known of minus land value. I believe each year its been the $65k. I'll need to look. 

The helping a family out is. I have a house. It's 2.5 hours from my new house, so i didn't want to rent...I wanted to sell. So o did a 2 yr RTO contract then they needed to get financing. They could not. The mortgage went down, and they started to get late on payments...so I lowered the RTO payment. They now say they ate wanting to get the loan and want to turn it into an assisted living business. I have always told them I didn't want the house due to location, so they will have a sales price of $65k. Estimates have ranged up and down with location, but usually stay around $90k. They have in turn told me since day one when they are ready to buy, add $10k to the price, since if stated payoff price of $65k.

So we are at $75k sales price. I understand I will be getting some profit, little profit, but was nervous on keeping price low and getting screwed in taxes. If Taxes are about $3-5k I'm fine then. That still puts me in the positive. Idc if I get $1000 extra or $5000 extra.. just don't want to sell, then owe more than I receive. 

I have a home used as a Rent to Own. Yhe renter now wanys to try and buy the home. On my taxes, i have claimed the rental payments as income, and also depreciated the 27.5 years for the past 2 years. This may be the 3rd year claimed. The question is. The sales price will be higher than value. So what will i need to factor in when selling the home. Typically it's value is around $90k-$100k, however, purchase price was $65k. I am offered to the renter per his own agreement a price of $75. So $10k above.

Would this depriciation be figured in at time of sale, or at my personal tax time? (I beleive on my taxes that following year) so how much would I be taxed on the sale ???

I don't care about making profit, however, profit would be nice. Just dont want to owe or be in the hole after the sale, just to help a family out !

A Will can be contested by her daughters , also can be part of an Estate. She is a Girlfriend. We are content how thi g are, so not getting married. Marriage would solve things. However, our situation calls for what we did. A Warranty Deed with Survivorship. it can not be contested, it will not be part of an Estate. 

UPDATE:   So everyone knows. In South Carolina , I paid a lawyer to do it correctly. I paid $300 and he did a Warranty Deed. (so I now know what is used). The Warranty Deed did state , Right to Survivorship, which bypasses probate and goes directly to her or I depending on who passed away. 

Thanks everyone. 

We are going through with option 2 you mentioned. Suppose to cost $300. Does she NEED to contact the mortgage company ?? Can they stop us ???

hmmm, a title company. I can look for one of those. And yes, I've read on Joint Tenants with Suvivorship, it's what we both want. I will do a Title Company search in North Myrtle Beach area. Thanks. 

I was just discussing it with her. Found the lawyers secretary made a mistake, ours is around $300. So yes,  I think it may be well worth the cost to have it done properly. She claims her daughters would never do anything like that,  however, I watched it happen 3 times when family passed away. Greed takes over.  I couldn't even say what my 2 sons would do.  So its best to take careof out properly.  I will ask the lawyer in detail, what exactly they file, therefore,  I will know for future use.  

I understand about forms online. The Register of Deeds said it's super easy and need to get a Deed, and another form but "arent allowed" to tell me exact forms. she did say fo ro Staples, they have the forms I need. The firms I posted above shows that upon death the other takes full ownership without going to Probate and its uncontested. I just dont know if that form is a Warranty Deed or something else. Ive looked up Joint Tenants and Warranty Deeds. Even checked out Quit Claim. Ugh. $20 vs over $700... hard to rationalize.

And I believe the lawyer paperwork states I cant hold them liable. 

can someone look at these and tell me what 2 forms I need ?? I believe one is. Deed, and other is maybe a Warranty Deed ? 

https://app.box.com/s/a5jodcpbctpz1u1l7la6g7orrsaql7qb