"Kathleen was very patient with us"
To whom it may concern,
In a world that good news is hard to come by, I wanted to share a fantastic story. My wife and I began in late March of this year looking to buy our first home. We had no clue what to expect or where to start.
While doing some house hunting on-line my wife came across a website for Kathleen Kellett from Real Estate III. In the process she sent Kathleen her contact information and stated very clearly that we would not be buying a home for about 6 months and was just looking for information. This did not deter Kathleen from taking the time to answer any questions we had and provide us with knowledge we would not have been aware of without her insight.
Once we started the process of actually looking at homes, Kathleen was very patient with us, as we were first time home buyers and did not have a full understanding for what we were looking for. After Kathleen spent many thankless hours going from house to house with us in search of our first home, she mentioned she was working with Spears Builders of Va., Inc. in a new subdivision called Frontier Crossings on Campbell St in Staunton.
To make a much longer story short, we have now moved into our beautiful first home thanks to Kathleen and Spears Builders. These are fantastic people to work with and I can't say enough good things about Kathleen Kellett or Spears Builders. It is refreshing to know there are still people/companies out there willing to go above and beyond to exceed the expectations of their clients.
The Fairchild Family, Staunton,VA
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Financing Your Home >Financial Help
Escalating home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.
Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?
Whatever form it takes, parents who help their children buy a home give them an incredible gift!
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
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