Real Estate

Buying house off parents

  • Last Updated:
  • Jul 16th, 2020 4:52 pm
[OP]
Newbie
Nov 16, 2018
29 posts
14 upvotes

Buying house off parents

HI

My wife and I own a home in Abbotsford, as do my parents.

We decided to tear down my parents house and rebuild, with construction almost done. The idea was to sell our house and move into the new place with them.

We cosigned on the construction mortgage. My dad has since had a major health setback since, and is in full time care unable to understand what's happening.

We're still proceeding with selling and moving in there, but my question is, since we cosigned on the construction mortgage what steps need to be taken for us get onto the regular mortgage as primary when its time to convert?

Also, of note I have power of attorney over my dad.
2 replies
Deal Guru
User avatar
Sep 14, 2003
10692 posts
611 upvotes
Mississauga
Ssgzisg wrote: HI

My wife and I own a home in Abbotsford, as do my parents.

We decided to tear down my parents house and rebuild, with construction almost done. The idea was to sell our house and move into the new place with them.

We cosigned on the construction mortgage. My dad has since had a major health setback since, and is in full time care unable to understand what's happening.

We're still proceeding with selling and moving in there, but my question is, since we cosigned on the construction mortgage what steps need to be taken for us get onto the regular mortgage as primary when its time to convert?

Also, of note I have power of attorney over my dad.
There's a lot going on here, and I'm not a lawyer or broker, but my own two cents:

If your Dad has had a health setback, he's probably not working. Thus, his income is greatly reduced. Adding him to the mortgage may not help you.

However, if that's not the case, and you have evidence that you have PoA - you should be able to sign on his behalf. Do you have enduring PoA? Is it general or specific?
4chan melts your brain.
Deal Addict
Jan 15, 2017
4365 posts
3955 upvotes
Ottawa
What was the original intention regarding title on the new home when you commenced the build? Who is actually building the home - is it your parents with you co-signing or are you all building it together? Why are you wanting to be primary owners now?

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