Real Estate Sale Arrangement

Summary

When selling your house, consider creating a holding agreement to manage sale proceeds and loan repayment. Consult a tax professional to minimize tax liability, possibly through capital gains exemptions. Understand how the sale might impact your disability benefits. For personalized advice, consider consulting a local attorney.

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I'm trying to set up an arrangement to sell my old house. A family member was planning to do it. Before i sign it over to them to sell i would like a holding agreement in place. They were going to take a portion of the sale to pay off a prior loan. The rest will have to be held somewhere, somehow as tax free as possible. How to do that in a way thatvis in my interest? I have no income, im disabled & rely on benefits to survive.
It sounds like you're trying to ensure the sale of your house is handled properly while protecting your financial interests. Here are a few things to consider:
- Holding Agreement: Ensure the agreement specifies the handling of sale proceeds and loan repayment.
- Tax Considerations: Consult a tax professional about minimizing tax liability, potentially through capital gains exemptions.
- Impact on Benefits: Understand how the sale might affect your disability benefits.
Would you like more information on any of these points?