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 jc2a2
Joined: 05 Apr 2007
Posts: 1
1.25 Dollars($)
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 Posted: Thu Apr 05, 2007 11:34 am Post subject: Can someone send me a |
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| Can someone send me a sample gift of equity letter? Thank you. |
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Lichtenberg
Guest
0.10 Dollars($)
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| Posted: Thu Apr 05, 2007 11:41 am Post subject: |
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JC, this format should work:
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To whom it may concern,
The purpose of this letter is to state that I am giving my (relationship between donor and recipient), (recipient's name), a gift of ($XX,XXX) to be used toward the purchase of a home. There is no expectation of repayment of this gift.
Sincerely,
(donor's name)
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Also, after letter is made it should be signed and dated. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Thu Apr 05, 2007 12:00 pm Post subject: |
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Letter Lichtenberg has given is of the short format and some lenders may not accept it.
You can use this detalied format also. Take out a print of the letter and show it to your lender he will tell you if it can be used or not.
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GIFT LETTER
I/WE ______________________________________________________________________ ________
YOUR NAME(S)
residing at
______________________________________________________________________ ______
YOUR ADDRESS and TELEPHONE NUMBER
AM/ARE the ____________________________ of [home buyer's name].
RELATIONSHIP
I/We have given or will give the sum of $____________ as a gift to [home buyer's name] towards the
purchase of the property located at:
[property address]
I/We certify that the above gift was or is given in good faith and repayment of such gift is not required. The funds given to [buyer's name] were not made available from any person or entity with an interest in the sale of the property including the seller, real estate agent, broker, builder, loan officer or any entity associated with them. The above funds will be drawn on my account with
_________________________________________
NAME OF YOUR BANK
_________________________________________
ADDRESS OF YOUR BANK
_________________________________________
ACCOUNT NUMBER
________________________________
SIGNATURE OF GIFT DONOR
Date: _____________________________
________________________________
SIGNATURE OF BORROWER #1
Date: _____________________________
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Omer T. Cox
Guest
0.10 Dollars($)
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| Posted: Tue Aug 26, 2008 10:56 am Post subject: gift of equity |
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| We recently had a death in the family and the heirs want to sell house of deceased to my Daughter the deceased grand daughter. question if all parties are in agreement can we reduce the sale of the house from 80000.00 to 60000.00 and consider the difference a gift of equity with out money changing hands, or should we just reduce the price? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1526
Location: nevada
213.50 Dollars($)
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| Posted: Wed Aug 27, 2008 1:26 am Post subject: RE: gift of equity |
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Hi Omer,
Welcome to forums.
You can reduce the price if that makes it easy for you to buy the home. But if you consider the remaining as gift of equity, your daughter need not pay gift taxes on what she recives. Rather, the individuals offering the gift will have tax considerations provided they don't qualify for gift tax exemptions .
Thanks |
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