Deed Realty

Hi all,


So my parents are home buyers looking for a house. Unfortuantely I am very sick and could not be at a meeting with my family and real estate. She said that the plan is to have my name on the deed and my parents take the loan. Can someone explain in simple terms here ... WHAT DOES THIS MEAN????

it should not - your names are only on the act - which means it will be less hassle for you if your parents spend - it's like a gift. You can consult your tax person to see how it affects your gift tax. I know there are some rules, but I do not remember.

If they make you sign the contract then there is an opportunity that may effect you credit if you do not pay the mortgage.