What is the name of your state (only U.S. law)? New Jersey
Hello,
This is my first post on this forum. There is a lot of great information here and I was hoping someone could help me. I have been living at my grandparents' house for the past 10 years because it was closer to college. When I got a job in 2011, I started kicking back some money every month. My grandparents' fell on some hard times a couple years ago and decided to put the house in their 5 childrens' names and basically gifted the house to them for $100. They still have 'Life rights' to the property which I believe means they retain all the rights of an owner until their death. Their health is gradually declining and they are not doing well financially so my Aunt decided she wants them to move in with her. I offered to buy the house from them and they accepted my offer. My questions are as follows:
What is the best way to go about doing this?
Do I need a lawyer in the state of NJ?
Is there a way they can still stay in the house and I can pay them in sort of a rent to own deal?
Is there a way their children can save on Capital gains? (My grandparent's have made improvements to the house, but I can guarantee they kept zero receipts).
Are the capital gains based off the original sale of the house my grandparents bought it for or the gifted amount of $100?
Any advice is greatly appreciated!
Thank you in advance.
Hello,
This is my first post on this forum. There is a lot of great information here and I was hoping someone could help me. I have been living at my grandparents' house for the past 10 years because it was closer to college. When I got a job in 2011, I started kicking back some money every month. My grandparents' fell on some hard times a couple years ago and decided to put the house in their 5 childrens' names and basically gifted the house to them for $100. They still have 'Life rights' to the property which I believe means they retain all the rights of an owner until their death. Their health is gradually declining and they are not doing well financially so my Aunt decided she wants them to move in with her. I offered to buy the house from them and they accepted my offer. My questions are as follows:
What is the best way to go about doing this?
Do I need a lawyer in the state of NJ?
Is there a way they can still stay in the house and I can pay them in sort of a rent to own deal?
Is there a way their children can save on Capital gains? (My grandparent's have made improvements to the house, but I can guarantee they kept zero receipts).
Are the capital gains based off the original sale of the house my grandparents bought it for or the gifted amount of $100?
Any advice is greatly appreciated!
Thank you in advance.