gift letter

Definition

A letter provided to a lender or government agency acknowledging that money to be used, usually for a down payment, is a gift from a relative or friend and carries no obligation for repayment.

Use gift letter in a sentence

You should try and make sure that you make a good gift letter so the other party knows that you are serious.

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I vent them a gift letter to let them know that it did not have any obligation to be repaid and everything was going to be okay.

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When Randy was given $10,000 by his parents for a down payment on his house, he had a gift letter with him indicating that the money had been freely gifted.

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gift deed gift of equity