What to do if I was given a gift of funds letter to assist in the purchase of a condo but now the gifter is wants the funds repaid?

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What to do if I was given a gift of funds letter to assist in the purchase of a condo but now the gifter is wants the funds repaid?

Looking at it recently, I noticed that the gift letter has me down with a completely incorrect last name (not a previous last name just a wrong one all together). The financial institution accepted the funds for the purchase without any questions asked. They possibly didn’t realize the mistake. Do I legally have to repay the funds?

Asked on August 21, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to discuss the alleged repayment of the funds that you received for the purchase of the property that you received is to speak face to face with the person to understand if the money was a gift or a loan. If the money was actually a loan and not a gift then you are obligated to repay the amount loaned you.


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