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

[Unregistered]

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.

[Unregistered]

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

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

[Unregistered]

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

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

[Unregistered]

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

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

good maaaan