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Life Estate

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Cappy53 Guest	Posted: Mon Apr 18, 2011 10:57 am    Post subject: Life Estate Like 0 Dislike 0 The house I am living in is in a Life Estate. My mom is living, her share is 43%. My two siblings and I have agreed for me to buy their shares today. I had the house appraised. If they quitclaim their names of the deed. My attorney advised me that I can apply for a mortgage, if my parents co-sign. I qualifiy for the payments, as I have a good job, and minimal monthly expenses. If I wait until my parents pass, I would have to pay full market value on the house. I plan to stay there. Question - is a mortgage possible for this. And, what is the capital gains tax my two siblings would be penalized on. Thank you.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 18, 2011 7:26 pm    Post subject: Like 0 Dislike 0 Hi Cappy! Welcome to forums! If the property is in your name and if you have a good credit score and stable income, you'll be able to get a mortgage on that property. Your siblings will be liable for paying capital gains taxes on the profit they earn from the sale of the property. Feel free to ask if you've further queries. Sussane

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