Financial Help
Escalating home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.
Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?
Whatever form it takes, parents who help their children buy a home give them an incredible gift!
Do These Real Estate Tips Really Apply to YOU? I've learned these tips through years of experience as a top real estate agent. But I know that YOUR situation might be different. That's why I'm here. It's my job to personally advise homebuyers and sellers. Ask me if any tip that I've included here really applies to your situation. Do any of these tips raise questions for you? Didn't find what you're looking for? Let me know! I am happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
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What Pasadena, California house was the movie home of the eccentric "Doc" Brown in the 1989 film, "Back to the Future"?
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The famous Gamble House, a landmark of Craftsman architecture, is now open to the public for tours.
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