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!
Family. It's the heart of what matters to you -- and to Dylan Snyder & Carey Murray, a unique mother and son real estate team. So for your next move to, from or within the Jupiter, Juno and Tequesta areas, don't trust your family's future to just anyone. Team Jupiter is equipped for the future and is able to assist you with all your real estate needs. Call Dylan or Carey today!
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Dylan Snyder NUMBER1EXPERTS™ in real estate for
Jupiter, Tequesta and Juno Beach, Florida
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