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What practical details should be considered when helping a family member put a downpayment on a home?

Asked by Trulia Brooklyn, Brooklyn, NY Tue Nov 27, 2012

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My thoughts:

1) In order for the money to be used in the purchase of a property, it has to be a gift and the purchaser must get a gift letter from the gift giver so the bank can confirm it is actually a gift. It cannot be a loan.

2) The funds have to have been seasoned... this means there must be a paper trial as to where the money came from. As an example, if it were in a bank account, you would have to show proof that the money was in the account for 60 to 90 days. In other words, the money cannot come from under someone's mattress! ;)

If I come up with more thoughts I will let you know!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
1 vote Thank Flag Link Tue Nov 27, 2012
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