Gift letter

.pdf
School
Tarrant County College, Fort Worth **We aren't endorsed by this school
Course
ME 3370
Subject
Finance
Date
Nov 7, 2023
Pages
1
Uploaded by ColonelEagleMaster176 on coursehero.com
Gift Letter Please Note: Upon the signature(s) of this gift letter, I/We hereby certify that any funds given to the homebuyer were not made available to the donor from any person or entity with an interest in the sale of the property including the seller, real estate agent, broker, builder, or loan officer, or any other entity associated with this transaction. I/We do hereby certify to the following: I/We (Donor) have made a gift of up to $ dollars to the Borrower(s) named below, and no repayment of this gift is expected or implied either in the form of cash or future services of the recipient. Madonna Abdelmalak This gift is to be applied toward the purchase of the property located at: 12621 Black Cherry Lane Euless, TX 76040 The source of funds for this gift is: Bank Name: Type of Account: [ ] Checking [ ] Savings [ ] Other Relationship to Borrower: Donor's name: Street address: City: State: Zip: Donor Telephone: - - __________________ Donor Email: __________________________________________________ Please provide the best time we may contact you in the event we have any questions: [ ] Morning [ ] Mid-day [ ] Evening [ ] Other _________________________________________________________ Have the Funds already been transferred to the recipient [ ] Yes [ ] No Date the Funds were (or will be) transferred:____________________________________________________________ _________________________________ ____________________ * Donor Signature Date _________________________________ ____________________ * Borrower Signature (Recipient) Date _________________________________ ____________________ * Borrower Signature (Recipient) Date If the gift funds are in the homebuyer's account, Guaranteed Rate, Inc. must document the transfer of the funds from the donor to the Recipient by obtaining a copy of the canceled check or other withdrawal document showing the withdrawal is from the donor's personal account, along with the Recipient's deposit slip or bank statement that shows the deposit. If the gift funds are to be provided at closing, the transfer of the gift funds is by certified check made on the donor's account, the Guaranteed Rate, Inc. must obtain a bank statement showing the withdrawal from the donor's personal account as well as a copy of the certified check. If the donor purchased a cashier's check, money order, official check or any other type of bank check as a means of transferring the gift funds, then the donor must provide a withdrawal document or canceled check for the amount of the gift showing the funds came from the donor's personal account. If the donor borrowed the gift funds and, thus, cannot provide the documentation from his or her bank or other savings account, the donor must provide evidence that those funds were borrowed from an acceptable source, i.e., not from a party to the transaction including the mortgage lender. When the transfer occurs at closing , Guaranteed Rate, Inc. must obtain verification the closing agent received funds from the donor for the amount of the gift.
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Uploaded by ColonelEagleMaster176 on coursehero.com