In this Conveyancing Matters chat, Lorraine and Stu talk about the very common situation of gifted deposits in conveyancing purchases.
We look at the issues arising from the so-called “bank of mum and dad” for conveyancers and their buyer clients.
We talk about a wide range of issues including:
• How does a conveyancer find out where the buyers’ deposit is coming from?
• The requirements of the lenders
• The need for clients to be truthful about source of funds
• The fact that a gift is a gift! If mum and dad want the money back – it is not a gift!
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