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| Buying & Selling Property Buying and selling real estate property. |
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Jan 31st, 2007, 01:02 PM
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#1 |
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Selling home to your child
I am considering selling my home to my son. Part of the sale would include me providing a portion of the down payment. Can this be done on paper only (basically reducing the price of the home) or does it have to be a cash transaction?
My example: Home worth $200K - he has $10K for down payment - I would kick in additional $30K to bring total to 20% of home price. Does my $30K have to be in cash? I need the proceeds of the home sale for my condo purchase. |
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Feb 2nd, 2007, 09:44 AM
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#2 |
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Re: Selling home to your child
You can take a note etc., if that is what you mean?
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Feb 12th, 2007, 02:35 PM
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#3 |
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Re: Selling home to your child
Gift of equity is a possibility. Consult with Counsel from your state.
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