Find out what you need to document in writing to protect all parties

Did you know?

About 30% of first-time homebuyers received financial help from family members. The average amount gifted was $82,000 but as high as $130,000 and $180,000 in Toronto and Vancouver.

These informal agreements should be documented in writing.

To protect all parties, especially to clarify whether the funds are a gift, a loan (and repayment terms) or an equity investment in the property.