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 Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00418
Format:
Word;
Rich Text
Instant download
Description
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To complete a gift of equity, the home's seller must get an official appraisal. A gift of equity is the sale of a residence to a family member or someone with whom the seller has a close relationship.I'm buying a home from my mom, part of this will be a traditional mortgage and the rest will be a gift of equity from her. A gift of equity occurs when the home seller agrees on a price significantly lower than the home's appraised value. The gift represents a portion of the seller's equity in the property. A gift of equity allows a property seller to "gift" part of their equity to the buyer. It's commonly used in family property transfers or sales.