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Help Me Make Sense of This?

Hey there! We are about to buy my parent's house from them and utilize gift of equity. The home appraised for $515,000. My parents are selling it to us for $415,000. The gift will then be $100,000. We were under the impression that my parent's would walk away with around $415,000 from this sale and we would have $100,000 for our down payment ( I am purposefully leaving out closing costs and fees and stuff to keep these number simpler).

My dad just got his Sellers Settlement paperwork and it says he will walk away with $315,000. It subtracted the $100k gift of equity from his sale proceeds. Is this correct? We were under the impression that the gift was the difference between the sale price and the appraisal value and that he would walk away with the money from that full sale. Everything I am reading online pretty much says as much, but the mortgage and title company says that is not the case. What am I missing here? Or is there some kind of misunderstanding on their end? Help it make sense!!!

Haha thanks for any insight, we are pulling our hair out trying to rectify this

submitted by /u/minnesota2194
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source https://www.reddit.com/r/RealEstate/comments/1wielyt/help_me_make_sense_of_this/
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