Asked by Ala, Akron, OH • Mon Mar 30, 2009
I have recently made an offer for a bank-owned house in northeast Ohio in which I asked for 3% to be paid towards closing costs, points, and prepaid expenses. The bank accepted my offer, but instead of using the same language, they replaced this sentence with another sentence that stated â€œclosing costs (not to exceed)â€ and they listed the dollar value of the 3%. I insisted on adding an addendum with the original language. I have two questions: 1- Does it really matter whether the contract says â€œclosing cost (not to exceed) 3%â€ or â€œ3% to be paid towards the closing costs, points, and prepaid expenses. 2- What constitute â€œprepaid expensesâ€?
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