Gift Of Equity Contract Example For Real Estate In Washington
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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Gifted equity requirements The letter should be signed by the buyer and the seller. Funds must also be properly documented through financial records. So, be prepared to provide copies of your recent bank statements, your donor's recent bank statements, and copies of cashier's checks.
The seller must obtain an official home appraisal to ascertain fair market value and also sign a gift letter that describes the buyer-seller relationship and states that the equity is a gift the buyer is not obligated to repay. The buyer must follow the typical process for buying a home.
If your parents sell you their home for $100,000 and it's worth $300,000, their gift of equity equals $200,000, the difference between what they're selling the home for and how much it is actually worth. A gift of equity is valuable.