Legal Question in Real Estate Law in Maryland

My husband and I gave our son some money to help purchase a house. His realtor claims we have to also give him a signed letter stating we gave him the money and it is a gift. Our bank manager wrote the letter for us, we signed it and she notorized it. Now the realtor says the mortgage banker needs another letter signed by us and we must give our bank account number. We said absolutely no. She claims this may keep our son from getting the house. Is ths true? We feel it is not proper.


Asked on 6/17/10, 2:45 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Why don't you contact the mortgage broker and find out why he needs this information. I frankly don't see why this information is necessary. The reason for the "gift letter" is that the bank doesn't want your son to put any secondary financing on the property or be obligated to pay back a loan. His credit score is probably close to the cut off for getting loan approval.

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Answered on 6/18/10, 6:36 am


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