Legal Question in Real Estate Law in Pennsylvania

acquiring land from relatives

My 87 year old grandmother has a 100 acre farm. The deed was transferred to her son and daughter (my mother) 1 year ago. My uncle has agreed to sell me his 1/2 (for 1/2 the appraised value which is $40,000)and my mother is going to gift me her half. My goal is to build a home on the property. What's the best way to get the property into my name? The county tells me there's a 2% transfer tax from uncle to neice. They also said if we transfer from my uncle to his sister there is no tax but we would then have to wait 1 year to transfer the property into my name from my mother - is this true since my mother's name has been on the deed for 1 year already? I want to build this year - can I get a motgage if the property isn't in my name? The mortgage company also said we should subdivide the 100 acres into one large deed and a smaller one where the house will be - why is this a good idea?


Asked on 5/25/06, 12:37 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: acquiring land from relatives

The information is correct. I suggest you consult an attorney. Your mother could convey one half interest to you without tax. Your uncle would have to participate in a mortgage application for you to build. Very complicated matter and it may be best to wait out the year.If not pay the tax..

Geralad Hershenson Esq.

Read more
Answered on 5/25/06, 1:24 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania