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!
June Seebohm Keller Williams Realty, Hilton Head Island, SC 8 Lafayette Place Hilton Head Island, SC. 29926 843-290-2929 843-682-8111 877-877-1957 Fax: 843-681-6579 Email: June@AlwaysJune.com
June offers you a degree of personalized service rarely found among
Realtors. Through a unique combination of devotion, compassion and good, old-fashioned hard work June has established an excellent reputation among, not only her clients but her peers as well. June is originally from Northern Ireland and has moved many times in the UK and US so she understand very well the kind of stress involved in residential sales and purchase. It's often an intense time of transition for all involved.
Also her personal knowledge of building new homes and renovating homes
is invaluable. Her high-tech office and staff allow immediate response
to phone calls, emails and faxes. She is always "on the other end" of
her cell phone. Please call her any time.
www.AlwaysJune.com
is brought to you by June Seebohm
NUMBER1EXPERT in real estate for Hilton Head Island and Bluffton, South Carolina
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