I wish to buy my parents house. The house is currently listed at 240,000. I would like to purchase the house for 300,000 and have my parents...

Question

I wish to buy my parents house. The house is currently listed at 240,000. I would like to purchase the house for 300,000 and have my parents give me 60,000 as a gift of equity. The 60,000 would be a 20% down payment ,while eliminating the mortgage insurance, and still give me a loan amount of 240,000. Is there anything about doing this that is illegal?

Answer

You need to meet with a lawyer to get this set up.

Give me a call, make an appointment to come see me, and let's get moving on this for you.

I will take the time to answer questions, so you will know what your options are.

This will be a flat fee consultation, $300.00. After we talk, you can decide what you would like to do.

Robert Davies, Esq. 201-820-3460

The Davies Law Firm, P.A.

45 Essex Street, Suite 3 West

Hackensack New Jersey 07601

Phone: 201-820-3459

Fax: 201-820-3461

Email: [email protected]/* */

Website: AttorneyRobertDavies.com

AND NOW THE DISCLAIMER:

Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.