My dad wants to give me his home as he is older and doesn't want the responsibility. He also would like to sell me the family farm for about 20% of its value. I own a home and rental home with mortgages. I don't have much ready cash. I have a decent income.
Can he give me the house (approximately $450k value) for nothing with a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]? Is there a tax burden associated as a gift? He hasn't been able to sell the home due to the market right now - and would rather give it to me than sell it really cheap to someone else.
As for the farm, he'd want about $300k, for cash during his retired years. Could that be financed by me against the farm?
My estimated property values would be a combined $2.3M and the total debt/mortgages would be $700k.
Could all the dept be combined into one long-term loan?
What do you think?