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Old 03-08-2010, 11:10 PM
 
1 posts, read 1,394 times
Reputation: 10

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Hello, my name is Matt and I am a Maryland lifer (HoCo, UMCP, MoCo). This is my first post on this forum.

Here is my situation:

My grandmother owns a beautiful cape code in Silver Spring free and clear. My grandfather passed away last year and she has begun looking into retirement communities and transitioned living. She has 3 children and 4 grandchildren. I do not have a complete picture of her other assets, but I am sure the house equity accounts for a major part of her estate. I have expressed my intent to one day own her and have given her a timeframe of 3 to 5 years.

Here is my question:

What would be the best approach for purchasing the home from her? I have done some reading about living trusts, owner financing and quit claim, so I have a basic understanding of some options. I am hoping to minimize taxes if possible and would like to avoid traditional mortgages . I know most of my options will come down to what she is comfortable with, but I would like to educate myself as much as possible before I begin in depth discussions with her and the rest of the family. I would appreciate any advice, experience with your own family, or referrals and local resources.

Thank you in advance.
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Old 03-09-2010, 07:43 AM
 
407 posts, read 1,186,482 times
Reputation: 221
You would need a lawyer to look into this for a living trust. Choose an attorney that she is comfortable with. If you want to purchase the home from her you will need a real estate attorney, plus down payment, plus closing costs, plus a lender to finance.
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