Home Buying in New Haven>Question Details

Sillygirl, Home Buyer in New Haven, CT

I am buying in CT. I put down 1K deposit money. The seller is giving 6K in concessions to help w/my closing costs. Do I get the 1K back at closing?

Asked by Sillygirl, New Haven, CT Fri Apr 8, 2011

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Laura Feghali’s answer
Sillygirl,
Connecticut is a state where attorneys handle drawing up the purchase contracts and the closing documents. Michael, from Minnesota, mentions your deposit being sent to the title company. Some states in the USA have a title company instead of attorneys to handle the documents and oversee the closing. It is the seller's attorney, in this case, that will be receiving your deposit.
And yes, go over the HUD-1 statement with your agent so that you have a better understanding of fees involved.
Hope this clarifies.

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Apr 8, 2011
The money would've gone into the escrow account of the sellers agent. They will then send the money to the title company who will give the money to wherever it's going.

This will all be spelled out on your HUD-1 statement. When you get your HUD-1 statement (usually a day or so before closing), have your lender or agent go through it line by line with you so you make sure what you are signing.
0 votes Thank Flag Link Fri Apr 8, 2011
Hi Sillygirl,
Yes, your $1K deposit check will be given to the seller's attorney and entered onto the purchase contract as part of your down payment. Your agent should have made a copy of your check for her files just in case there are any mix-ups (which is doubtful).
Hope this helps.

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Apr 8, 2011
Oh that makes sense, no it is part of my down payment. I guess the company I wrote the ck to will give the money to the seller then right? I just don't want anything coming up at closing like them asking me for a check.
0 votes Thank Flag Link Fri Apr 8, 2011
Hello Sillygirl,
I suggest that you check your purchase contract regarding your $1K deposit as usually this goes towards your cash down payment for the property and helps to determine what amount you will be financing (if it's not a cash purchase). You will receive a credit at closing for the $6K from the seller to assist with your closing costs.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Apr 8, 2011
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