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Selling home to your child (the proceeds of the home sale)

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  • Selling home to your child (the proceeds of the home sale)

    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.

  • #2
    re: Selling home to your child (the proceeds of the home sale)

    You can take a note etc., if that is what you mean?

    Comment


    • #3
      re: Selling home to your child (the proceeds of the home sale)

      Gift of equity is a possibility. Consult with Counsel from your state.

      Comment


      • #4
        re: Selling home to your child (the proceeds of the home sale)

        Originally posted by Unregistered View Post
        You can take a note etc., if that is what you mean?
        good maaaan

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