[dbarbra]

Hello! I currently live in a home that is owned by my mother. (who does not live here). I would like to buy the home from her, but she would rather wait a few years to sell it. Is there a way for me to assume the mortgage and the property tax bill? That way she can retain ownership of the home for a few more years, but I could get the tax deduction on my taxes (the mortgage interest and property tax deduction)? Is this at all possible or is it just wishful thinking. We live in NY and she does not want to sell because she gets another income from a apartment on this house.
Basically she is OK with me paying the mortgage and I will pay the property taxes and claim the deductions. She will keep the income from the other tenant and then give up ownership when she retires. She only owes about $60,000, and the home is worth about $330,000. I would pay the current mortgage and then take out a new one when she is ready to sell for the remainder.

[Fr_Chuck]

No there is no way to do that, You can pay the mortgage and the taxes FOR your mother but you can't get the tax deduction.

You would have to have the deed in your name to have the mortgage in your name.

[landlord advocate]

Will you inherit the property when your mother dies? If so, it is in your best interest to leave the property in your mother's name. The property will be valued at the stepped up value of the date of death. This will keep you from paying taxes unnecessarily. I am no tax expert that's for sure, so please talk to one. Thoughts?

[LO903]

I am not that familiar with New York, but possibilities you might want to check are...

Talk to the Lender about the mortgage, they might allow you on the mortgage, but you would have to be on the deed. You and you mother could own it both (joint tenants with right of survivorship)... meaning that if one were to die, the other AUTOMATICALLY owns the property...

Depending on your credit, etc. the lender may allow you to do this.. then you can claim the interest on the mortgage you are paying...

It also has some long term benefits... when your mother decides to sell to you, she may avoid some gains... but... I AM NOT AN ACCOUNTANT OR AN ATTORNEY... so check, but I thought it was worth mentioning...

HTH,

M

[rrennaker]

There is are two methods called contract for deed and a quit claim deed where you mother can sign the deed over to you

[rrennaker]

From wikipedia, here is the definition of a Quit claim Deed.

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Property law
Part of the common law series
Acquisition
Gift · Adverse possession · Deed
Conquest · Discovery · Accession
Lost, mislaid, and abandoned property
Treasure trove · Bailment · License
Alienation
Estates in land
Allodial title · Fee simple · Fee tail
Life estate · Defeasible estate
Future interest · Concurrent estate
Leasehold estate · Condominiums
Conveyancing
Bona fide purchaser
Torrens title · Strata title
Estoppel by deed · Quitclaim deed
Mortgage · Equitable conversion
Action to quiet title · Escheat
Future use control
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest
Easement · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures · Waste · Partition
Riparian water rights
Lateral and subjacent support
Assignment · Nemo that
Property and conflict of laws
Other common law areas
Contract law · Tort law
Wills, trusts and estates
Criminal law · Evidence
V • d • e

A quitclaim deed is a term used to describe a document by which a person (the "grantor") disclaims any interest the grantor may have in a piece of real property and passes that claim to another person (the grantee). By contrast, the deeds normally used for real estate sales (called grant deeds or warranty deeds, depending on the jurisdiction) contain guarantees from the grantor to the grantee that the title is clear. The exact nature of the warranties varies from jurisdiction to jurisdiction. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, to eliminate clouds on title, or in other special or unusual circumstances.

The most common use for a quitclaim deed is a divorce in which one party is granting the other full rights to, and eliminating any interest in, a property in which both parties held an interest. If a husband and wife own a home and divorce, and the wife acquires the home in the decree, the husband would enact a quitclaim deed to eliminate interest in the property.

Quitclaim deeds are also typically provided in cases of tax deed sales where property is auctioned off to pay outstanding tax debt. The auctioning body is usually a local government, which claims no interest in the property whatsoever, but is selling it only to recover the back taxes.

[rrennaker]

And here is the definition of a contract for deed.


Definition: A contract for deed is a financing instrument between the seller and buyer of real property. The seller promises to deliver a deed to the buyer when the buyer pays off the contract. The contract can also contain an underlying loan secured to the property.

You should probably have a good real estate lawyer, not a realtor, help you with either of these methods.