Legal Question in Real Estate Law in New Jersey
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?
1 Answer from Attorneys
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.
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