TL/DR: When in-laws buy a house for kids, how does the money change hands? Who pays whom? And when?
Let’s say house is $400k and in-laws are gifting the down payment of $80k. How exactly does that work? Do they pay directly at closing? Do they write the daughter a check and she deposits in her account? Doesn’t that trigger some kind of tax? How do the in-laws move the $80k into the kid’s name?
Also, what if the in-laws buy the entire $400k house outright as a gift. How exactly does that transaction work? Doesn’t that also trigger some kind of tax? Does in-laws name go on deed? How exactly does in-laws buy a free gift house for the couple?