<prompt> Human: So, weve been looking for a home around the 225K price range, and havent had any offers stick for about a month. Now, my parents have decided they want to move and are offering their home to us. The home is valued around 260K, and theyve offered to us for 220K. They still owe 170K or so on the mortgage, and we have around 18K in cash on hand. Whats the best way to go about this process? Our realty agent said hed give us a break on his fees to nearly nothing, but hes helped us look a lot, so we want to also ensure he receives some sort of compensation if this were to work out. Although hed also get a benefit from my parents purchase. Thanks for any advice in advance!Assistant: I dont understand why your realtor would get fees at all for you buying a house from your own parents; usually buying agents get compensated from the seller side by splitting commisions with selling agent, not buying side, and why would your parents want to pay commissions for selling to their own kid? Unless you plan to personally pay realtor a bonus on top of the 220K this sounds like a shitty deal for your parents and a win-win for realtor. Aside from that, you and your parents need to treat this like any other sale, legally. You need a purchase contract, with whatever you need as conditions including for financing etcetera, you need lawyers to review the transactionmortgage docs, etc. Dont skip out on the legalities just because it is family unless you want headaches down road. Human: I suppose my main concern is both my parents and I being able to get proper mortgages and paperwork filed correctly. We could take care of the realtor in a small way outside of the transaction itself, if thats the best solution.  <response>: Yup, so just like any other purchase you need a contract to take to your lender for financing approval, and you need to get lawyers. Dont write out a deal on the back of a napkin. Ideally you and your parents should each have your own lawyers. Your lawyer and lender will want you to have the paperwork filed correctly, too ; 