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Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from Jane Tullo, a proven Ridgefield, Wilton and New Canaan, Connecticut NUMBER1EXPERT™ Top Selling real estate agent.
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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 |
During what months of the year do most people move from one home to another?
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Most moves occur between the months of May and September. |
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