Gift Letters

[vngoghlvr]

If somebody signs a gift letter for the purchase of a home, can they change their mind and not give you the money? A friend of mine was promised $4000 in a gift letter signed by a relative, and the relative is now saying she cannot give them the money. If they don't get the money, they can't get their home. If anybody can give me advice on this subject, and how they should proceed I would appreciate it.
thank you

 

[David J. Miller]

This is an interesting question. I have no idea what the answer is but I am as curious as you are what the reply will be from one of the attorneys on this sight, since I am a mortgage consultant and deal with these issues daily.

 

[Tracey]

A gift is not an enforceable contract. Your friend didn't promise the grantor anything for the $4000, so there is no consideration & no contract. Your friend will have to find another source of funds.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. [email protected] - please include some facts so I know who you are!