we are NY residents, purchased a property 12 yr ago (appraised at $350,000) for investment. Our son has lived in the residence and made the mortgage payments & taxes for the past 7 years. We would like to make him the owner now, rather than life estate, and let him finish paying the $100,000 balance. What options and considerations would you suggest?
Asked on 4/09/22, 12:23 am
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
This is a great question but more complicated than can be answered by email because there are so many items to be considered and various ways the transaction can be structured.
Good luck.
Answered on 4/09/22, 11:34 am
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