Asked by Anonymous
Hi, I would like to ask the legal experts here regarding an inherited property. My family home is under my father's name and he wants to pass it on to me. The house is in need of major fixing and renovation and only a year left to finish paying off the loan remainder (under father's name).
My question is: Is it cheaper for 1) my father to transfer the property to my name and I take re-financing of the property or 2) I 'buy' the property from my father with a conventional home loan?
I am 29 years old, never bought a property under my name before. My father is 57 years old and he hopes that I can secure the financing to do the home renovation. Property is a DS Semi-D .
My question is: Is it cheaper for 1) my father to transfer the property to my name and I take re-financing of the property or 2) I 'buy' the property from my father with a conventional home loan?
I am 29 years old, never bought a property under my name before. My father is 57 years old and he hopes that I can secure the financing to do the home renovation. Property is a DS Semi-D .
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