Ever wonder about the assessed value of your home and why it is so different from the actual market value of your home? The Municipal Property Assessment Corporation or MPAC, is an independent, not
Downpayment by means of a Gift.
Dated: February 7 2023
Many of us have well meaning Family members who are willing to step up and help you with that home purchase! I have had many inquiries as to what this should look like.
Here are some guidelines:
- Must be a gift and non-repayable.
- Must be from a Family member, some Lenders even allow Aunts, Uncles and cousins!
- No size limit!
- Requires a letter stating that it is a gift, not a loan, and is non-repayable.
In this day and age where the average home costs over 500000, your minimum downpayment soon adds up. The 5% you hear about, is only on the first 500000, anything over 500000, up to 1000000 is 10%, over a million we are at 20%.
So that gift for a downpayment will certainly go a long way to offset all the costs. Due diligence must be practised by confirming with your trusted financial institution as to who they are willing to accept as a close Family member.
Nineteen years working with Buyers, Sellers and Investors in the Southern Georgian Bay Area. I am a Broker and an accredited Seniors Real Estate Specialist, SRES®. I empower Buyers, Sellers and In....
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