<prompt> Human: My parents are moving in to a much smaller house after my sister and I have moved out. He is buying it in cash and wants to put it in my name? He says it will only help me. Seems a little to me.1. Is it possible?2. Will it hurt or help my current credit having that equity?3. Is he doing anything illegal.Thank you for any info you all at rpersonalfinance can give me.If it helps, the house is about 60k  <response>: It wouldnt hurt you to have assets that you dont owe on, but then youd be legally responsible to pay for the taxes and insurance, and also for anything that happens there. For example, postman slips on the ice and breaks his leg, you would be sued as the home owner. 