Q: Gifted son1500.00 for closing on a home. It now won’t be used. We asked for refund they said no not until after closing
The reason why money won’t be used is bec they wanted bank statements for 2 months from us. We are not willing to send that to them. They said we could request a refund. So we did. They said we would get it back after closing. Why would they keep it if they said they couldn’t use it without bank statements. Doesn’t that make it null and void and need to be sent back now? We have no issue with them using for closing just not going to give our personal info out.
A: If you had given your son what you characterized as being a “gift” with no strings attached, then the gift is a gift. If, however, there were conditions attached to the gift, you may be able to retrieve it if those conditions weren’t met.
A: The closing agent needs to check at the time of closing, whether everything has been received as specified in the closing instructions. Until that time, they don't know if it "won’t be used".
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