Hmmmm.....fancy....
can anyone help me decipher this contingency written by a buyer in a contract to purchase my house? I want to make sure that I understand it correctly. Here is what it says:
"buyer is an attorney, In lieu of any commission to buyer or agent acting on his behalf, 2.5% of the purchase price will be applied towards buyers closing costs and pre-paid expenses.
what do you make of this?
thanks
No, I am not represented by an agent. I did a flat fee listing. So I should not owe him anything, right?
J,
He is asking for an additional 2.5% on his closing side, kind of yellow padding you down using there are no commissions, makes sense now?.
John $Cash$ Locke
[addsig]
I can only assume and you know what that means. To me flat fee is flat fee.
If the contract is for say $150,000 you will see a reduction in your proceeds on the HUD1 for $3750 that is credited to the buyers side. (your general contract net is $146,250 less your closing expenses)
Jim
sorry.....long day "not AT his price".
selling to an attorney can be the most frustrating experience there is....
They must have taken a course in college labeled..
"How to screw up a real estate transaction"
[addsig]