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
Buyers Remorse >Closing Your House
If you are selling your house, you may have to jump through a few hoops between the time you and the buyer reach an agreement and the time the money and deed change hands. The structural inspector usually finds a few things that need to be repaired or replaced, and the termite inspection may reveal the presence of unwanted pests. Most buyers will also have a list of items that they want the seller to fix.
The ideal is to have your home as perfect condition as possible in time for the walk-through inspection prior to closing. If you have agreed to complete repairs on your home, it is a good idea to get an early start on the work so there will be plenty of time to correct any "surprises" that may be found. Call several companies to get competitive bids for the work that needs to be done or ask your real estate agent for recommendations.
Presenting the buyers with a clean, well-maintained home will make the process a lot easier for them, especially if they get a case of last-minute jitters.
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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