House Buying Tax

1 post in this topic

Hi all, I need some help.
Myself and my wife are trying to buy a house from my wife's grandfather. He is trying to do us a favour by selling us the house for a cheaper price than the original price while letting us do rent-to-buy meaning we pay him directly on a monthly basis helping us avoid taking mortgage.
As the house is rented out now right now by my wife's grandfather, we plan on leaving the people living there in for now till we are ready for having kids and we will need the place for ourselves.
From my understanding, we were told by a notar that this would be regarded as a gift so we have to pay gift tax on this.
Is there anyway to avoid paying a huge gift tax on this kind of house  as we are trying to buy which means it is not completely a gift? Any info would be appreciated.

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