Home Equity Loan
My parents put a manufactured home on a piece of property which is owned by a family company...?
They have never lived here. I am the only occupant who has ever lived here for almost 10 years. Is there any way of transferring ownership to me without raising red flags or getting murdered by taxes? I want to be able to get a home equity loan to purchase the property, do some home improvements and debt consolidations but it needs to be in my name. Any suggestions??
Public Comments
- Is there a title to the home? If so just have them sigh it over to you. No problem.
- more info.
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- Check with a title attorney in your area. Transfers from parent to child are usually exempt from transfer taxes. The company could sell you the land for $1 and your parents could gift you the manufactured home, and then the title attorney could combine them onto one deed. That would make the property more suitable for a loan, too.
- you own a mobile home - it transfers title like a car - easy - just transfer the title at any title office - but be aware as you make improvements that since it is a mobile home on leased land it will never have any real resale value (so be careful how much $ you put into it)
