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!
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Real Estate Tips
Closing or Settlement >Preparing for the Walk Through
When moving out of a house you have lived in for a long time, you may discover years' worth of dust that was previously concealed by your home furnishings. If you don't have the time or energy to clean your house for the new owners, a useful option is to pay a professional to do the job.
Before going to the closing table, your buyers will have a last chance to walk through the house and check the appliances, mechanical systems and overall condition to make sure everything is consistent with the sales contract. Even though they really want the house, at this point "buyers' remorse" may be prompting them to look for a reason to call the transaction off. Because an otherwise minor problem or defect can sometimes trigger last-minute cold feet, your best insurance is to make the house look great. Everything should be working properly, and all the agreed-upon repairs should have been made before the buyers arrive to look at the house. You can promote a more relaxed, positive atmosphere for the closing if you take special care in preparing for the walk-through inspection.
Nelly Andrushenko Power Realty Inc. 148-29 Cross Island Parkway Whitestone, NY, 11357. 718-747-0411 917-406-4922 Fax: 718-747-0504 Email: firstname.lastname@example.org
Nelly Andrushenko started her career in Real Estate in 1989. After being affiliated with a number of prominent local Real Estate companies for many years, (Re/Max, Century 21, First Choice), Nelly in 2002 founded her own Real Estate company: Power Realty Inc, a boutique office located in the heart of Whitestone. She is constantly in search of knowledge and ways to perfect her customer service. Nelly's enthusiasm and dedication to helping people has brought her success and recognition as a Top Realtor in Northern Queens for over a decade. If you’ve been thinking of buying or selling a home in the near future, then call Nelly (718) 747-0411 or email her at email@example.com and see what she can do for you.
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