House owners are my wife and mother in law and owned over 5 years. Now want to transfer the ownership of mother in law to my name.
I heard if transfer to my name, the house need to be re-loan at market value, hence, need revalue the house and so on even thought won't be taxed. is it true?? i cannot find any standard about this
my concern is to transfer the ownership from mom-in-law to under my name directly (house owner will need to be under my name and wife) with minimum cost. if cost cannot be avoided, what are the cost?
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asked on Jul 21, 2015 at 16:44
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answered on Aug 7, 2015 at 14:21
There are many things to be considered. 1st whether there is any outstanding loan in regards to the said house. The cost (legal) is the same as u buying the house (current market value). Any further inqury u can email me at firstname.lastname@example.org
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