Family has offered to help, and you're wondering whether to have them send the money now. Before anyone makes the transfer, let's check how the financing needs it documented. Asking doesn't make the gift awkward or the purchase less yours.
We check the proposed donor and the documentation requirements. A gift letter and proof that the money moved answer different questions. If anyone expects repayment, tell us so the arrangement can be reviewed honestly.
Then we put the actual cash plan into the offer. Money going toward the down payment can't also stay in your account after closing. We separate what you need to complete the purchase from any required reserves. Then we talk about what extra cushion would help you feel comfortable living there.
If the plan changes in escrow, bring it to us before moving money between accounts. An undocumented deposit may be unavailable for the loan calculation until its source is resolved. If a transfer has already happened, keep the records.
If you're selling, an eligible gift can be part of a well-prepared offer. We ask whether the funds and timing have been reviewed without asking buyers to hand over private financial records. Your First Week in Escrow: What to Do First covers the deposit process and wider closing preparation.
You can be grateful for the help and have questions about how to use it. We'll work through the money side with you.