What is required to do three transactions at one closing?

My client is buying a home in the name of the family trust for his son. At closing he wants to put the home in his son’s name and write up a loan document for his son to sign. The father also wants to take over the son’s condo (loan and all) in which the son still owes money on. Does this need to be done in seperate transactioins with seperate purchase contracts or can it all be done at once?

Asked on June 30, 2009 under Real Estate Law, Arizona

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unless you're an attorney, you can't give legal advice to your client.  One place to find a lawyer who can review all of the facts, and provide reliable advice and do the paperwork, is our website, http://attorneypages.com

It might make sense to put all of this into one contract.  Of course, before the father can do that, someone will need to find out if the father can assume the son's condo, or if he'll have to finance a purchase for at least the amount of the son's loan.  And there may be income tax considerations to the different ways this could be set up, as well, and a CPA or tax preparer could help with that end of things.


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