2007-06-13 07:53:06 · 5 answers · asked by KD 1 in Business & Finance ➔ Renting & Real Estate
Your question isn't very clear. The gift of equity is between family members, only. The seller really has nothing to do with the gift. If there are funds left they are usually considered as part of the gift.
Again I think you have something confused in your question. If you can provide more details I can provide a better answer.pp
2007-06-13 08:05:04 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
A gift of equity does not have any remaining $$$. The gift is the equity in the property. Equity has liquid value but not at the closing table - where funding occurs.
2007-06-13 08:09:07 · answer #2 · answered by thinking-guru 4 · 0⤊ 0⤋
The gift of equity does not have to be "all" the equity in the house. Let's say Grandma owns a house worth $100,000 free and clear and is going to sell to Grandson for $80,000. The sales contract is written at $100,000 with a $20,000 gift of equity. Grandma still pockets $80,000 at closing and Grandson has a mortgage with a 20% down payment.
2007-06-13 08:41:35 · answer #3 · answered by sclass_benz 2 · 0⤊ 0⤋
As far as I recall, the gift is the equity and it all goes to benefit the buyer, not the seller.
2007-06-13 11:30:36 · answer #4 · answered by sflrealtor 2 · 0⤊ 0⤋
Yes.
2007-06-13 08:05:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋