The mortgage broker is not an expert on that area and any advice from him will have to be taken very carefully - he will not be well prepared to defend your interests. The title company is a neutral party and they will not be able to help you with your case and the seller's agent duty is to defend the seller's interests, not yours. The agent reprenting you is the one that will have the proper expertise and will be able to defend your case. If you decided to go unrepresented I will strongly advice you to hire a real estate lawyer who will also have the expertise to represent you. The final answer will depend on many factors, and since some of them might be gray having the propert representation could mean a very big difference to you.
Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
The contract language is as I have it above. There are two (2) agents, buyers agent (ours) and sellers agent (bank/fannie mae), and a mortgage broker (ours as well). We have a Real Estate Purchase Contract that states the following:
Our orginal stated offer was $XX amount for property and seller to pay closing costs. They countered with a little higher amount and we were told seller will pay closing costs.
Residential Resale Real Estate Purchase Contract section 8a
- Seller to pay ownerâ€™s title policy, Â½ escrow fee and Â½ recording fee with cost not to exceed $898.00
- Seller to pay buyerâ€™s closing costs, pre-paids, loan costs, reimbursement of appraisal fee and out of pocket expenses with costs not to exceed $2500.00
- Seller to pay HOA transfer fee and HOA other fees not to exceed $500.00
- Seller to pay home warranty with costs not to exceed $429.00
- Pursuant to Section 28 of the Real Estate Purchase Addendum this document is subject to all terms and conditions set fourth in the Real Estate Purchase Addendum.
Real Estate Purchase Addendum (sorry for caps)
- Section 28: EFFECT OF ADDENDUM: THIS REAL ESTATE PURCHASE ADDENDUM AMENDS AND SUPPLEMENTS THE CONTRACT AND, IF APPLICABLE, ESCROW INSTRUCTIONS. IN THE EVENT THERE IS ANY CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT OR ESCROW INSTRUCTIONS OR NOTICE OR OTHER DOCUMENTS ATTACHED AND MADE A PART OF THIS AGREEMENT, THE TERMS OF THIS ADDENDUM TAKE PRECEDENCE AND SHALL PREVAIL EXCEPT AS OTHERWISE PROVIDED BY LAW.
- Seller to contribute up to $4327.00 towards Buyerâ€™s closing costs, points, and/or prepaids.
- Seller contribution to include:
- Seller to pay ownerâ€™s title policy, Â½ escrow fee and Â½ recording fee with cost not to exceed c898.00
- Seller to pay buyerâ€™s closing costs, pre-paids, loan costs, reimbursement of appraisal fee and out of pocket expenses with costs not to exceed c2500.00
- Seller to pay HOA transfer fee and HOA other fees not to exceed c500.00
- Seller to pay home warranty with costs not to exceed c429.00
Additional Clause Addendum Line 22
- Buyerâ€™s Costs: In addition to any costs the Seller has agreed to pay in the Contract, the Seller agrees to pay $2500.00 towards buyers closing costs.
These are the items that we have repeatedly asked our agent and our mortgage broker. When we ask for any numbers the answer is we cant get them. 'There are fees that we dont know yet, such as title fees, so there is no way to get the numbers you want until docs goto title.' We are also being told that the seller is ONLY paying $4327 TOTAL for Buyers and Sellers Closing Costs. This is where I'm confused because the addendum states Seller to contribute $4327 towards Buyers closing costs, points, and/or prepaids.
Thanks - tuck