My brother will be "gifting" me with $2000 to help pay closing costs. How does this "gifting" process work? What are the?

Asked by Kathy, 75070 Sat Sep 26, 2009

requirements of the donor? Bank of America will be sending me a gift/letter form to fill out next week, but spoke very little of the requirements of the donor. Thanks.

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6
Kawain Payne, Agent, Seal Beach, CA
Wed Apr 17, 2013
Kathy,

You have a great brother. He will need to write a gift letter. He will have to stipulate that the $2000 is a gift, and he is giving it to you with NO expectation of repayment.


Best Regards,
Kawain Payne, Realtor
0 votes
Melissa Hail…, Agent, Plano, TX
Wed Sep 30, 2009
Kathy,
Another note would be that although having the funds transferred right away is a good idea, the bank will likely still want a "paper trail" showing that the money came from his account (to support the letter he will sign).

Congratulations on your new home!
Melissa

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team Realtors
214-418-0180
melissa.hailey@coldwellbanker.com
0 votes
T.E. & Naima…, Agent, Dallas, TX
Sat Sep 26, 2009
Patrick gave you good information, but I would add that the funds should be transferred to you soon so that it can show up on your bank statement or get a copy of his statement to prove that the funds exist.

So, the letter should contain his name, your name, your relationship, the amount of the gift, the purpose and whether it must be repaid or not.
Web Reference:  http://www.Mortgages-TX.com
0 votes
Kathy, Home Buyer, 75070
Sat Sep 26, 2009
Thank you for your answers.

It is true. I have had the hardest time communicating with my Bank of America processor. I have left numerous messages for her and she never returns my phone calls.
0 votes
Amy Downs, Agent, Dallas, TX
Sat Sep 26, 2009
Kathy,

The gift and how it is handled will depend on the lender.

I will advise you that we have had tremdous problems with Bank of America giving buyers wrong information, not communicating and holding up closings. Make sure to stay on top of them or get three estimates for your loan and make sure you and your Realtor have a good faith estimate.

If I can be of further assistance, please let me know.

Amy Downs, Realtor
Amy downs & Associates, LLC of
Keller Williams Realty
972.468.5136
http://www.TeamDowns.com
Web Reference:  http://www.AmyDowns.com
0 votes
Patrick Thies, Agent, Anytown, IL
Sat Sep 26, 2009
Your brother simply writes a letter stating his relationship to you the amount that he is giving to you (states that it is not a loan and does not have to be paid back) and for what property. That's pretty much all there is to it. Now thank your brother. :-)
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