Simultaneous Closing Question
Hi,
There is condo that I'm trying to purchase before foreclosure and then flip after I fix it up a bit. Since the current owner has no money and her lender wants a cash deal (meaning that they won't pay for any closing costs), if I transfer the property into my name I'll need to pay the excise tax on it, and then, when I flip it, I'll need to pay it again. I'm hoping that there is some way to avoid this and pay the excise tax only once, when I sell the property. Any ideas?
should be tax exempt transfer if you are quit claimed on with no money changing hands w/ owner!
[addsig]