Selling Price On The Deed
Overview:
FMV 120,000
Loan 70,000
arrears 10,000
Uhaul money 3,000
This is my fist subject to deal. My attorney advised me to put $13,000 on the Deed(that is what I am paying for the house-includes arrears and Uhaul money) as oppose to the $83,000. He told me that I would only have to pay the transfer tax for the $13,000 vs the $83,000. Obviously that is true. Will there be any incurred cost in a year from now when I sell the property? Please advise and thank in advance.
jjlark
Why would it be high? There is still the outstanding mortgage of $70,000 that I would have to settle when I am ready to sell the house....