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Mortgage Broker News | 29 Apr 2013, 12:01 AM Agree 0
A new court ruling about gift letters is offering brokers some expert advice they can pass along to clients, although they may want to do so on the QT.
  • @kiltedbroker | 29 Apr 2013, 01:48 PM Agree 0
    Can of worms - currently opened. Yikes. This is Dangerous.
  • Natasha | 29 Apr 2013, 06:33 PM Agree 0
    A gift is a gift and not a loan. If a house is marital I believe anything you put into it (including but not limited to an inhertiance) is considered joint. If the parent had "gifted" into a sole account I believe legally they still wouldn't have a leg to stand on as unless there is a prenup the matrimonial home is considered a joint asset. I can't see a judge over-ruling that one lol
  • LanceH | 30 Apr 2013, 08:48 AM Agree 0
    @Natasha. A very simplistic view Natasha. When one person can show a judge they put all the $down, a judge will sometimes credit them that additional amount. If the hubby can show he put ALL the down (regardless where it came from), he may get credited that amount. Pre-nups are not the only means by which to establish these things either. Family court is never a certainty. It's a roll of the dice.
  • Natasha | 02 May 2013, 06:14 PM Agree 0
    Considering they ruled against it I'm thinking it's not just a simplistic view it happens to be the correct legal one. As someone who put my own money into household debt/expenses downpayment there is nothing to legally allow me to take the money back and considering how when I put it in I fully intended to never divorce the intention was to "give" it to the "household". No matter what happens afterwards it's the initial intention that counts. Which is why they ruled with the wife. BTW using degrading words such as "simplistic view" indicating that I am simple do not lend any validity to your insidious argument. Thanks though! ;-)
  • LanceH | 06 May 2013, 08:19 AM Agree 0
    BTW using degrading words such as "simplistic view" indicating that I am simple do not lend any validity to your insidious argument. . . .

    I'd suggest if you wanted to take the high road, you should have done so from the get-go, and suggested she walk from the money and ask HER parents if she wants a gift rather than the scoffing entitlement view presented. Just because certain forms of theft may be legalized doesn't make it morally correct. (The other items you mention are an expansion of the topic beyond the matter at hand).
  • Karl | 22 Nov 2016, 04:57 PM Agree 0
    Wondering if that law change (2013) applies to gift-letters from 2009 or just from 2013 onwards?
    I have a gift letter, from 2009, stipulating my name and now my ex common-law spouse won't pay me that money back, which I used for the down deposit. Should I consider legal action or have I lost that money and will it be part of the shared proceedings after we sold the house?
  • | 17 May 2018, 02:50 PM Agree 0
    I recently purchased a home where my parent signed a certified gift affidavit letter to my wife and I to purchase a house for $660,000.00 total. The gift letter was for $520,000.00 and my wife and I had a loan for $140,000 to finalize the purchase. The deed is in my wife and I name only. The parent now wants his $520,000 back. Is my wife and I responsible to pay back the $520,000.00?
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