This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.
Purchase Contract With Gift Of Equity In Pennsylvania
Category:
State:
Multi-State
Control #:
US-00418
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Documentation Requirements Gifts must be evidenced by a letter signed by the donor, called a gift letter. When the gift is sourced by a trust established by an acceptable donor or an estate of an acceptable donor, the gift letter must be signed by the donor and list the name of the trust or the estate account.
A “gift of equity” refers to a gift provided by the seller of a property to the buyer. The gift represents a portion of the seller's equity in the property, and is transferred to the buyer as a credit in the transaction.
Yes, if you have a mortgage on the property your lender will need to consent to any other parties becoming legal owners. They will require the incoming party to become a party to the mortgage as well.
Gradually making smaller gifts: Each year, taxpayers can gift up to what is called the “annual exclusion amount” (in 2025, $19,000 per donor per recipient; $38,000 for married couples) without incurring the gift tax.
Yes, if you have a mortgage on the property your lender will need to consent to any other parties becoming legal owners. They will require the incoming party to become a party to the mortgage as well.
Documentation Requirements Gifts must be evidenced by a letter signed by the donor, called a gift letter. When the gift is sourced by a trust established by an acceptable donor or an estate of an acceptable donor, the gift letter must be signed by the donor and list the name of the trust or the estate account.