Gift Of Equity Contract Example For Selling A House In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00036DR
Format:
Word;
Rich Text
Instant download
Description
The Gift of Equity Contract example for selling a house in Bronx outlines the terms under which one party (Alpha) gifts equity to another party (Beta) in a real estate transaction. This agreement specifies details such as the purchase price, down payment contributions, and loan terms, facilitating a shared ownership model as tenants in common. It includes provisions for maintenance responsibilities, distribution of sale proceeds, and occupancy arrangements for Beta. Additionally, the document addresses scenarios such as death of a party and outlines the intention to participate in property appreciation. Legal professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, will find this form useful for structuring equity-sharing arrangements that benefit both parties while ensuring clarity in rights and obligations. Clear instructions for filling and editing the form ensure that it caters to users with varying levels of legal experience.
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FAQ
If your parents sell you their home for $100,000 and it's worth $300,000, their gift of equity equals $200,000, the difference between what they're selling the home for and how much it is actually worth. A gift of equity is valuable.
The seller must obtain an official home appraisal to ascertain fair market value and also sign a gift letter that describes the buyer-seller relationship and states that the equity is a gift the buyer is not obligated to repay. The buyer must follow the typical process for buying a home.