Legal Question in Real Estate Law in Florida
First Home?
Hello LG:
I have never purchased a home, per say, in this case, i was wondering - since my name was put on the deed of my parents' condo in Florida when my father decided to refinance and later I applied my name to be the payor for mortgage payments, would this be considered a first-time home, since I didn't really ''buy'' the condo, and my father's name (1/2 interest) and my name are on the deed. (my mother's was dropped because she has Alzheimers.). I still pay the mortgage monthly. I am wondering because i plan to borrow from my 401K w/o penalty to buy a first home in New York, sometime in the near future and i know there are some benefits to that. Any ideas?
2 Answers from Attorneys
Re: First Home?
It depends upon how a first time buyer is defined by your 401k rules. Since you do not live there you should claim your intent was to have this done as an accomodation.
Re: First Home?
It may be argued, assuming the issue is ever raised in relation to your 401K, that the condo was not purchased by you, but rather you received an interest in the condo to faciliate family needs, and that at best, it is merely an investment. How is "first home" defined by the applicable rules of the 401K loan program? How would the powers that be learn of your interest in a Florida condo? Good luck.
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