can i buy a house from my parents

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  • How can I buy a house from my parents?

  • There are several ways to buy a house from your parents. You can buy your parents鈥?house as you would any other property, by taking out a mortgage for the cost of the home (minus your down payment). Although you鈥檙e buying from family, the homebuying process will look the same as buying from a stranger.

  • Why buy a house from a family?

  • There can be many motivations for choosing to purchase from family. Let鈥檚 take a look at a few of the most common. Many people consider buying a house from a parent as the first-choice way of achieving home ownership.

  • Can I buy my parents house as a second home?

  • If you already own a property and decide to purchase your parents鈥?home too, it will count as a second home 鈥?even if you have bought it for them to live in. This means, if you decide to sell it later down the line, you may need to pay CGT if its value has increased beyond a certain threshold.

  • Can a parent act as a bank when buying a house?

  • Instead of getting a home loan from your bank or a mortgage lender, your parents can act as the bank and you can make payments to them for a set time as you get your finances in order. A note is usually recorded and a lien is placed on the home that must be paid off if you decide to sell the home.

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