Hi All,
New here and require an expert advice on a matter.
I'm planning to buy property from a relative settled in USA, I live in UK.
Advice i want is that my relative has suggested that he can gift me the property instead of official sale and could save some taxes. Second option which he advised that a ''Power of Attorney'' can be made through which I would become the beneficial owner of that property and could do whatever I want to do with that property in future i.e Sell it on, rent it etc etc.
I have few questions as I'm unaware of US laws and regulations and hoping someone here might have this knowledge.
1. What would be the difference if property is not registered in my name and i merely hold a power of attorney. Is it considered in the eyes of law that I'm the owner of that property e.g if i want to secure a loan against that property would I be able to do that?
2. Any more complications if I just hold power of attorney, can this be revoked by the person who has granted this?
Appreciate this is not an easy one, however would be great-full if anyone can shed some light on this matter.
New here and require an expert advice on a matter.
I'm planning to buy property from a relative settled in USA, I live in UK.
Advice i want is that my relative has suggested that he can gift me the property instead of official sale and could save some taxes. Second option which he advised that a ''Power of Attorney'' can be made through which I would become the beneficial owner of that property and could do whatever I want to do with that property in future i.e Sell it on, rent it etc etc.
I have few questions as I'm unaware of US laws and regulations and hoping someone here might have this knowledge.
1. What would be the difference if property is not registered in my name and i merely hold a power of attorney. Is it considered in the eyes of law that I'm the owner of that property e.g if i want to secure a loan against that property would I be able to do that?
2. Any more complications if I just hold power of attorney, can this be revoked by the person who has granted this?
Appreciate this is not an easy one, however would be great-full if anyone can shed some light on this matter.
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