This form should be used for the sale of a commercial property.
Real Estate Purchase Agreement With Gift Of Equity
Category:
State:
Multi-State
Control #:
US-00472H
Format:
Word;
Rich Text
Instant download
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How to fill out Agreement For Sale Of Commercial Real Estate?
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FAQ
A gift of equity letter must be included in the loan file, and it should clearly state the monies are not a loan so there is no repayment involved (hence the phrase ?gifted money?). The letter should be signed by the buyer and the seller. Funds must also be properly documented through financial records.
You'll need to write a gift of equity letter that includes the total amount of the gift. It also needs to explain that the buyers won't need to repay the gift and the owner/buyer relationship, as well as list the property address.
Use the gift of equity to cover closing costs and/or the down payment and lower the overall size of your mortgage loan. Your lender will have you fill out a gift of equity form which will need to be signed by both the seller and the borrower. With the gift of equity, the seller doesn't expect to ever receive repayment.
In the case of a family gift, the amount is disclosed as an ?other credit? in the cost to close section of the Loan Estimate (LE) and the Closing Disclosure (CD). In the case of a sale for less than market value there are various opinions on the proper method of disclosure.
Sign A Gift of Equity Letter A gift letter is a document that summarizes all of the information about the gift, including the appraisal price and the sale price. Both the buyer and seller must sign the letter. A second letter will accompany other official documents at the home's closing.