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Updated almost 7 years ago,
Quit Claim deed vs Purchase
My mother and uncle acquired a property from my grandmother via a quit claim deed. Now my mom wants to give the house to me to take over. My uncle wants his half of the equity in the house as a payout and my mom wants to give me the other half of the equity as a large downpayment (I intend to occupy the property) . The question is, what would be the best way to go about this for me. Would it be a better idea to have her transfer tittle to me ( possibly via a quit claim deed) and then for me to get a mortgage on the property and pay my uncle his half of the money. Or, to have them simply sell me the house for 1/2 the cost and then that money would pay my uncle. I am interested to know which would be the better choice to avoid paying as much taxes and closing costs as legally possible.
I am in Miami, FL if that helps at all
Thank you