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Financing Your Home >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!
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| Q |
What structure is regarded as the best surviving example of Pennsylvania Dutch architecture?
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| A |
The Georg Muller House in Milbach, PA, built in 1752. |
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Lauren Bisbee Cushman & Tebbs Sotheby's International Realty 650 SW Bond St. Suite 100 Bend, OR 97702 541-604-5531 Fax: 541-383-3940 laurenbisbee@NUMBER1EXPERT.com
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