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Buying or Selling a Home/Gift of Equity to a non-relative

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Expert: - 8/22/2009


Question
My fiance and I rent his mother's manufactured home.  She is willing to give us the gift of equity to allow us to purchase the home and do some much needed upgrades. My credit is better than than his, so I would like to purchase the home now.  My Question is:  Can she give me the gift of equity prior to us getting married, since we're not related?

Answer
Hi Melissa,

In answer to your basic question "Can your fiance's mother give you a gift, of equity(?) prior to your marriage?"

Any one an give another person a gift of monitory value...ie: money, real property, personal property, title, stocks, bonds, land contracts etc. The two principals do not need to be related to have this take effect.

The gift of equity would be putting you on title as a principal owner with a % to the title. Allowing you the same rights she currently has on the home.

Before anyone does anything, check with your lender, and financial advisor and tax account to see how these decisions will effect each of you.


Good luck...

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Connie Wildasinn-Broker,GRI,RealtorŪ

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Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

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NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

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Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

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Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

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