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I know this topic as been approached before but I hope to ask this in a more comprehensive way. In order to obtain a mortgage with help from parents in the form of a down payment gift, what series of events has to happen and what issues do we need to understand? For example, are there tax implications? If so, how can we not have this burden (would defeat the purpose)? Would it be better to just put the money in my bank rather than declare it as a formal gift? If we’re ready to search for homes, what needs to happen first? Do we find a mortgage broker or bank to get pre-approval? Does a real estate agent come first? How does the “gift” roll into this process? When does that happen? Co-op or condo?

I’m sure I’m missing some things here and there so any advice would be helpful.
Thanks in advance.