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Barrister, Attorney
Category: Legal
Satisfied Customers: 33716
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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If you had a lot of money like hundreds of thousand that was

Customer Question

If you had a lot of money like hundreds of thousand that was given to you as a gift could you Buy a house with it but that would raise suspicion about how I saved that much?
Submitted: 3 years ago.
Category: Legal
Expert:  Barrister replied 3 years ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
Sure, you could buy a house and pay cash. If you were financing some part of the purchase the bank may inquire how you obtained the money for the down payment, but if you reported that you were gifted some and saved the rest, that would end the inquiry. A person doen't have to backtrack their money and prove to the bank how and where they got it to buy a house. But if you are paying cash there is no inquiry. In that case, the seller will only require proof of funds, which is typically a letter from the bank verifying that you have adequate funds on hand to purchase the house.





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