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Buying house from parents

My parents want to sell me and my husband my childhood home. We would move to MI from Denver.

They are wanting to gift us equity as much as a 20% down payment so that we wouldn’t deal with PMI.
The only problem is our current lease in Denver is not up until end of March and my parents new place is ready by end of Sept so they want us to purchase in October, as they basically want the sell of their old house to go towards the new house.

I know I need to ask our landlord about options of breaking our lease early but I’m worried we will be told we cannot break the lease and will be essentially paying for two places for 5 months. I know my parents are doing a solid by doing this sell so that we are not using any realtors and gifting a down payment/equity but I feel like my husband and I are potentially going to be broke for a year if this is all how it works out. I need to breach closing costs, doing inspections of the house, but really want to avoid double rent and I don’t know how we will if our landlord says tough luck you signed the lease.

I know the management company really doesn’t like transferring leases in cold months as well. Trying to figure out a way for both parties to be happy here. Thank you for any advice and input!

submitted by /u/Sweet-Table5273
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source https://www.reddit.com/r/RealEstate/comments/1ummcml/buying_house_from_parents/
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