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Thank you SO MUCH for all that you did ! It was such a pleasure working with both of you. We were so impressed with the communication we always had with you. Kerry & Tom McQuaid Read Quote > View All Quotes >
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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!
Scott Gerami - Broker/Owner -ABR, GRI, e-Pro, CSC Real Time Realty, LLC. 424 Fort Hill Drive, Suite 134 Naperville, IL. 60540 Toll Free:: 800-297-9772 Direct:: 630-357-4800 Fax:: 630-206-0386 Email: Scott@NaperHomes.com
Since 1986, I have served the housing needs of individuals and families in
the Western Suburbs. As a resident of the Naperville area, one of the
fastest growing areas in the United states, I have become aware of the many
housing opportunities available for the first time buyer to the empty
nester. I am involved in many community organizations throughout the
Western Suburbs. and have become a familiar face to many of the builders and
financial lending institutions in the area.
www.naperhomes.com is brought to you by
Scott Gerami NUMBER1EXPERT™ in real estate for
Naperville, Plainfield and Oswego, Illinois, relocation,residential
- NUMBER1EXPERT™ 
