Take Over Mortgage by Lease to Own

[Lys Thibault]

Hello there! I have happened upon an interesting opportunity that I would love some advice on. My dad has offered my husband and I to take over the mortgage on our family home. I'm not exactly sure what that means, so I'd like to get some professional advice before I commit to anything! I have a couple of concerns... the first being taxes. Are there any circumstances where we can take over the mortgage without having to pay taxes on the market value of the home? Also, when taking over a mortgage, what is the best way to go about it? Should we do a lease to own type contract or is there a better way to do so, even if that means buying out my Dad? I'm trying to avoid taxes but also be sure to cover my butt because although it's family, you just never know! I'd like to have something official and in writing before committing to anything! Any and all advice is appreciated! Thank you!!