Santa Clara Co., CA: buy your parents' house and avoid property tax reassessment

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Posted by Christine Baker on September 16, 1998 at 17:20:28:

In Reply to: Re: Trading places posted by Jack on September 11, 1998 at 10:50:09:

Jack sent me E-mail confirming the above, thanks.

One thing though: be sure to talk to a CPA or tax attorney about the sales price! You don't want unexpected income tax liabilities for you (when you sell) or the inlaws. Fair market value isn't written in stone!

The contract can be written up by the listing agent for your house (free of charge.) I'd go through escrow and get title insurance too (required if you need a conventional loan.)

Good luck!

Christine


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