How to get a gift for your down payment?
As the Toronto market increases at a crazy rate, a lot of buyers are increasingly turning to other sources of funds, such as a financial gift from a parent.
Parents gave $10 billion to their Children and according to another CIBC report, roughly 30% of first-time homebuyers and nearly 9% of existing homeowners received financial help from family.
Read Article about Parents Gifting $10B to their Children This interview with Chris Molder will answer all of your questions about receiving a gift to buy your home: What’s the process to receive a gift? What’s acceptable for a gift? How do you verify the sources of a gift? Who can give a gift? Can a friend give a gift? How long before closing date do the funds need to be received? What are the tax consequences? What about parents from abroad? Are there problems depending on the country? How long should the funds be in the account? Is there a limit to the amount of the gift? With a gift, can you still purchase a home with 5% down-payment? What if it’s a loan and not quite a gift? What about gifting in the case of cohabitation or marriage? Can the gifter take a loan to give a gift? What happens if the gifter is on title? What’s acceptable for a gifting letter? Can the gift represent 100% of the entire down payment? What about cash gifts? What about crypto-currency gifts? How long should a crypto-currency be converted for a down payment? What if the parent wants a portion of your profit on sale? Can a corporation gift you money? If you have any questions about mortgages, please call or text Chris at (416) 732-8020. If you have any questions about Toronto real estate, please call or text Lawrence at (416) 276-4895. Lawrence Mak Real Estate Broker EXP Realty, Brokerage Please follow us on: Facebook: https://www.facebook.com/lawrencemak.realestate Youtube: https://www.youtube.com/c/lawrencemak Instagram: https://www.instagram.com/LawrenceMak_RealEstate Website: https://www.LawrenceMak.com Lorne Park: http://www.LiveLornePark.com #Makminute #knowledgeispower #Lawrencemak #Lawrencemakrealestate #Mississaugarealestate #torontorealestate #lornepark #livelornepark #mortgage #toronto #mortgagetoronto #gifts #parentgifts #helpwithdownpayment #downpayment #financing #torontofinancing