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Flipadelphia
USA Fan
Member since Dec 2009
604 posts

Question about purchasing house and adjoining property
There is a house that I am interested in purchasing. The seller is selling it and the adjoining acreage. The only thing is, the adjoining property is in the seller's parents name. The seller says that the parents are on-board to sell and everything will go together.

My question is: How is this handled by the bank? Will they cover this under one mortgage and closing? I am planning on calling my mortgage broker Monday and asking, but I figured someone here has dealt with a similar situation.


756
LSU Fan
Member since Sep 2004
13435 posts

re: Question about purchasing house and adjoining property
not likely this gets under a single mort. It is two separate acts of sale- unless parents sell property to son and then he sells to you -

Have you talked to his parents? Don't take what the offspring says as fact.

Lots of tax implications. I would clear up all this before signing anything
This post was edited on 1/27 at 10:01 pm


Flipadelphia
USA Fan
Member since Dec 2009
604 posts

re: Question about purchasing house and adjoining property
Thanks, this was kind of what I was thinking.


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