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

Comments(5)

  • jbarczewsk131st January, 2006

    No, I am not represented by an agent. I did a flat fee listing. So I should not owe him anything, right?

  • JohnLocke31st January, 2006

    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]

  • jimandlacy31st January, 2006

    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

  • jbarczewsk11st February, 2006

    sorry.....long day "not AT his price".

  • IBuyHousesInc2nd February, 2006

    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]

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