Question:

I am planning to buy a piece of land from a family member. I would like some advise on the best way to handle the transfer of land so it is most advantageous to both the seller and buyer. Various methods have been suggested to me - have my name put jointly on the property deed and give a 'gift' of cash, make a purchase agreement to buy land over 5 year period to spread out capital gains, have the land 'gifted' to me and then 'gift' cash. Land has been in family for 50 years so there is no questions regarding title search or liens.
Do you have any recommendations?

Answer:

Thank you for the inquiry

We would recommend that you discuss this matter with a solicitor who has day to day real estate experience and can assist you with the decision making process.

Regards,

Len & Craig

Answered By: Len Huffman and Craig Smith

More Questions & Answers ...