What is a gift letter?If someone is willing to make a gift of funds in order for you to purchase a Lethbridge home, lenders will ask for a gift letter stating that no repayment of the "gift" is expected. The amount of the gift and the date funds were transferred should be spelled out in the letter, along with the donor's name, address, telephone number and relationship to the borrower.
In addition to the letter, a lender can ask for two or three months' worth of statements for the account where the down payment funds are located. If the money was recently placed into that account, the lender may ask where it came from and request verification of that source as well.
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Contact Information
Courtney Atkinson Century 21 Foothills - Atkinson & Associates 204 - 515 7 St S Lethbridge, AB, T1J 2G8
Cell: 403.795.7777
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Are Lethbridge condominiums risky to buy?
While condos have never had the kind of appreciation experienced by single-family homes in the 1980s and 2000s, many experts still consider them to a good value. And with high prices in many urban markets and more single home buyers in the market than ever before, the market for Lethbridge condos is strong.
As with any home purchase, you should do your homework about the neighborhood or development before you buy. In the case of condominiums, it is important to read the past six months of homeowners association minutes to see how effective the board is and to learn about any possibly detracting issues (such as protracted litigation with the developer). It is also wise to do as much research as possible on the developer to see what kind of customer service background they have.
The condominium community has worked hard in the last few years to
overcome image problems brought on by disputes and lawsuits.
Associations are becoming more sophisticated about property management
and taking steps to prevent legal problems and disputes.
Questions about Lethbridge Real Estate?
Ask us below or Call us Now at 403.795.7777
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