To complete a gift of equity, the home's seller must get an official appraisal. Wherever your state enters info for seller concessions (ie seller paid closing costs), you should be able to enter your gift of equity info.The gift represents a portion of the seller's equity in the property. A gift of equity is the sale of a residence to a family member or someone with whom the seller has a close relationship. A gift of equity occurs when the home seller agrees on a price significantly lower than the home's appraised value. A gift of equity is a real estate purchase and sale transaction, usually between relatives.