30 April 2013

Gifted downpayments – what the court says

Today most mortgage companies require gift letters from their borrowers in order to make sure the downpayments they provide come either from their own sources or are gifted by immediate family members.

Recently an interesting case was decided by the Alberta Court. A father made a gift of $83,500.00 to his son and a daughter-in-law for a house purchase. Unfortunately, later they divorced…

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