Real Estate Law
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The closing costs were $10,531.92. As the buyer, I agreed to pay $11,500 for new windows. The buyer wanted to have the windows tinted for $500 and I was not aware of this.
The closing attorney had power of attorney to sign for the seller and the agent for the seller also attended the closing.
The seller's attorney discovered the $500 cost to the seller by reviewing the HUD statement just prior to the closing.
Just to clarify.....In the Purchase agreement I agreed to pay $11,500 towards closing costs at the discretion of the buyer.
I also agreed to pay $11,500 for new windows. I just realized that these two points in the agreement were for the same value of $11,500.
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The botXXXXX XXXXXne is....does "Seller agrees to pay $11,500 towards closing costs at the discretion of the buyer" mean that the buyer has the right to spend the difference between the actual closing costs up to the amount of $11,500? And was the buyer's agent trying to pull a fast one by not declaring to the seller's agent that the buyer was rolling $500 of window upgrades into the seller's cost?
What does "Seller agrees to pay $11,500 towards closing costs at the discretion of the buyer" mean?
It means that the buyer can allocate that amount towards anything related to closing costs like insurance, taxes, attorney fees, closing fees, deed prep, buying down the interest rate, recording fees, etc.
and for upgraged windows too?
Thank you! That's what I was trying to determine from the get go. I felt it was a deceptive and manipulative move the buyer's agent made to get a little "extra" for his client. What a piece of work he is!
You have now answered my question.
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