Posted by Brian (UT) on August 05, 2005 at 12:55:25:
James
Never put in buyer “is asking for”, that is a request, not a condition, try “buyer shall receive a”. And if there isn’t a specific spot for such a clause, use an addendum for any miscellaneous clauses and incorporate it into the contract.
Brian
Seller’s Concession - Posted by James
Posted by James on August 05, 2005 at 09:59:59:
Is putting a provision in a real estate contract saying “buyer is asking for a twelve thousand dollars seller’s concession with toward closing” the same as the seller actually granting the buyer a 12,000 sellers concession toward loan closing costs. If not what should a clause say that stipulates the seller has granted the seller this request in a realtors real estate contract and where should it be entered.
Re: Seller’s Concession - Posted by Natalie-VA
Posted by Natalie-VA on August 08, 2005 at 10:57:45:
James,
You might consider using the words “settlement expenses” instead of “closing costs”. Someone could later argue that closing costs are only associated with getting a loan and that prepaids, attorneys fees and transfer taxes are not closing costs.
–Natalie
Re: Seller’s Concession - Posted by River City
Posted by River City on August 05, 2005 at 13:37:22:
You can add a statement to the purchase offer that says the seller is to pay $12,000 to be applied to buyer’s closing costs. Any additions and/or changes must be initialed by all parties signifying acceptance by all parties to the contract.