If our name is on the deed does it reduce closing $

[Shaffeys]

We are purchasing a house from our parents. If our names are also on the deed prior to purchase of the house, can this reduce Maryland closing costs? Is there any advantage?

Can the "gift of equity" help reduce closing or downpayment costs when purchasing from family?

 

[HomeGuru]

Closing costs will be the same but the equity does not have to be cash and can be given as a gift. I am not sure how you are structuring the deal but it must be done correctly if you are getting financing otherwise the loan to value/purchase ratio may get thrown off.