DondaejiDelightfulCharmingSmileJoy
Fri Mar 29 2024
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6 answers
1392
Can I buy my parents house and let them live in it rent free?
Hello, I'm considering purchasing my parents' house from them and allowing them to continue living in it without paying rent. Could you please advise me on the legalities and potential consequences of such an arrangement? Would this be considered a gift or a sale? What are the tax implications for both parties? Would I need to obtain a mortgage or can I simply transfer the ownership? Would my parents still be responsible for any maintenance or repairs after the transfer? And finally, are there any legal documents I should prepare or have witnessed for this transaction? Thank you for your time and assistance.
