So my parents decided to buy a house for my sister and I for college as we travel to the same college. I worked with a buyer's agent to buy a house (my parents don't infer English well). I chose the house and had my parents sign papers (of course I explained things to them).
I did some research and found some pros and cons.
PROS
"With their heading on the title, IT CREATES A CREDIT HISTORY FOR THEM. If the student is working and generating taxable income, afterwards some TAX BENEFITS would accrue . . . And they might be able to EXEMPT CAPITAL GAIN . . .
http://realestate.msn.com/Buying/Article...
CONS
If the child have debts, collectors can go after the property.
(I'm not too worried give or take a few this scenario as I only own government student loans.)
If the child is on the title, they can be sued for their portion of the house.
(I somehow I be sued, would it be better to have united tenancy or excise simple?)
Answers: Fee simple and joint tenure are not the same type of thing--you are conversation apples and oranges. Think of fee simple as how dutiful a hold you have on the property. You hold 100% rights to the property. You can do near it what you will. Most property in the U.S. is held this opening but worldwide there are various forms of ownership that limit your ownership rights. Do a google check out on fee simple and read the definition of it.
Joint tenure involves how those rights are passed to another party contained by the event of the death of an owner by declare how those rights are held while the owners are alive. Again, there are several types of communal tenancy that enjoy different results--i.e. the property may be passed to other owners("with right of survivorship" which is the most adjectives joint tenancy) or go to the estate of the deceased where on earth a will takes over distribution("tenant in common"). Again, you should do a search(Wikipedia works also) for communal tenancy and read up and instruct yourself as to the different outcomes of each type of ownership and consequently decide for yourself what will work best.
Don't put together any decisions base on what you read on this board--we are not experts and this is too big a decision to be made weakly. One last thing--it may be best if you consult a advocate if you still have any question or doubts. Good luck!
I think you and your parents should sit down beside an attorney about this, I don`t know also an accountant. But if you can't afford the payments yourself that is something to be concerned in the order of. And don't assume student loans can't attach to your house either (but you would be contained by repayment and default for that to happen).
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I did some research and found some pros and cons.
PROS
"With their heading on the title, IT CREATES A CREDIT HISTORY FOR THEM. If the student is working and generating taxable income, afterwards some TAX BENEFITS would accrue . . . And they might be able to EXEMPT CAPITAL GAIN . . .
http://realestate.msn.com/Buying/Article...
CONS
If the child have debts, collectors can go after the property.
(I'm not too worried give or take a few this scenario as I only own government student loans.)
If the child is on the title, they can be sued for their portion of the house.
(I somehow I be sued, would it be better to have united tenancy or excise simple?)
If i am a first time home buyer is here any Government grant I can capture surrounded by Kansas?
Answers: Fee simple and joint tenure are not the same type of thing--you are conversation apples and oranges. Think of fee simple as how dutiful a hold you have on the property. You hold 100% rights to the property. You can do near it what you will. Most property in the U.S. is held this opening but worldwide there are various forms of ownership that limit your ownership rights. Do a google check out on fee simple and read the definition of it.
Joint tenure involves how those rights are passed to another party contained by the event of the death of an owner by declare how those rights are held while the owners are alive. Again, there are several types of communal tenancy that enjoy different results--i.e. the property may be passed to other owners("with right of survivorship" which is the most adjectives joint tenancy) or go to the estate of the deceased where on earth a will takes over distribution("tenant in common"). Again, you should do a search(Wikipedia works also) for communal tenancy and read up and instruct yourself as to the different outcomes of each type of ownership and consequently decide for yourself what will work best.
Don't put together any decisions base on what you read on this board--we are not experts and this is too big a decision to be made weakly. One last thing--it may be best if you consult a advocate if you still have any question or doubts. Good luck!
Am I making the right decree renting.?
I think you and your parents should sit down beside an attorney about this, I don`t know also an accountant. But if you can't afford the payments yourself that is something to be concerned in the order of. And don't assume student loans can't attach to your house either (but you would be contained by repayment and default for that to happen).
Resolved Questions: