We have a separate Source of Funds journey designed just for giftors
Please note, the following information may only be applicable if you order your checks via thirdfort.com.
The Giftor Source of Funds questionnaire is very similar to the standard questionnaire.
It asks the client to indicate the entire purchase amount for the property and then asks them to indicate how much of that amount is coming from their gift. The client will then need to allocate the entire gift amount to various sources from where it originated.
How to initiate a Giftor Source of Funds task
To send a Giftor Source of Funds task to your client, please ensure that you have selected the person type as 'Property - Giftor' when setting up their activity.
Then, when you select Source of Funds task from the list, we'll know to send them the Giftor task instead of the one designed for purchasers.
To understand how to set up a Source of funds activity, please see our related article: How To Initiate an Enhanced NFC ID and Original ID check
What constitutes a gift?
As part of this journey, the client will be asked to confirm that the below facts are true:
- The money going towards the gift is not repayable
- The person gifting will not be living at the property
- The person gifting is not expecting any legal or beneficial interest in the property
If any of the above statements are not true, the client is not classed as a giftor and will need to complete a different Source of Funds app journey. If your client is expecting their gift to be re-payed, they are classed as a lender and will need to follow the steps outlined below.
If a client indicates in the app that one or more of the above statements is false, their report will appear as though the client has skipped the task and no questionnaire results will be included.
The client does not meet giftor criteria
If your client is lending money towards a purchase rather than gifting (or are planning to live at the property in question), they will need to complete the questionnaire designed for a purchaser.
When setting up an activity for a lender, please select the person type as 'Property - Other'. This will send the client a new Source of Funds task for your client designed for a purchaser.
The client will need to enter the entire property price and allocate the buyer’s portion to ‘Other source’, adding a note to indicate those funds are separate to their gift. They should then indicate from where the remaining amount (their gift) has been sourced, i.e. from selling a property, from their savings, or from inheritance funds.
Need more help?
Please note, the above information may only be applicable if you order your checks via thirdfort.com.
These articles should answer most of your questions. However, if you have any further queries please click the live chat button in the bottom right of your screen to talk to a member of the Client Support Team.
Furthermore, should your client have any queries about the process, our dedicated Customer Support Hub will provide the answer to many of your client's questions. From here they can also chat directly with one of our consumer support team who can provide real-time help and assistance.