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A real estate gift letter/flyer is a document that is used to verify that a financial gift has been given to a borrower from a family member or friend. This letter serves as proof to lenders that the funds being used for a down payment or closing costs are not a loan and do not need to be repaid.
If you are receiving a financial gift for the purpose of purchasing a home, most lenders will require a gift letter/flyer to be signed by both the donor and the recipient. This is to ensure that the gift is not a loan and does not affect the borrower's debt-to-income ratio.
A real estate gift letter/flyer should include the name and contact information of both the donor and the recipient, the date of the gift, the amount of the gift, and a statement from the donor stating that the gift is not a loan and does not need to be repaid.
Yes, there are many templates available online that you can use for a real estate gift letter/flyer. However, it is important to make sure that the template includes all the necessary information and is signed by both the donor and the recipient.
No, a real estate gift letter/flyer is not legally binding. It is simply a document used to verify that a financial gift has been given and is not a loan. It does not hold either party legally responsible for the gift.