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Real Estate Tips
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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Real Estate Trivia
Q 
Where would you go to visit the largest ancient castle in the world?

A 
You would travel to Prague, Czech Republic, to see the Prague Castle, built in the 9th century, with a total surface area of 18 acres.
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Mark and Theresa Thoburn, REALTOR®, real estate agent and broker for Mission Viejo, Irvine and Laguna Niguel, California home listings, property and land for sale - NUMBER1EXPERT

Mark and Theresa Thoburn
Harcourts

Laguna Niguel
Phone: 949-378-7222
Fax: 949-282-0099
Email: MarkThoburn@cox.net

Unprecedented service with agents that you can trust to be there for you every step of the way. Whether it's the sale of your home or the purchase of your next, we are always looking out for your best interest.

MLS REALTOR


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