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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What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.
The purchase contract must include the seller’s responsibilities, such
things as passing clear title, maintaining the property in its present
condition until closing and making any agreed-upon repairs to the
property.
Questions about Lethbridge Real Estate?
Ask us below or Call us Now at 403.795.7777
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