The seller agreed to pay 9000 in closing costs but put "up to" next to it. What does that mean? If the closing cost only come to 8000 will we get the money back?
2006-12-17 08:07:48 · 3 answers · asked by Joseph M 1 in Business & Finance ➔ Renting & Real Estate
it means that the seller will pay up to 9000, or less. This does not include recurring costs if this is a real estate transaction. You have to pay taxes on the purchase and pmi and pre paid interest on your home loan. Sellers can only pay non recurring costs like lender fees and escrow or attorney fees.
If yhour not spending enough, you can ask your lender to charge you some more in points and then get him to reimburse you some of the difference.
2006-12-17 08:28:45 · answer #1 · answered by Patrick G 4 · 0⤊ 0⤋
No. It means that they will pay the closing costs. If the costs are 2000 dollars, they will pay that much. If it is over 9000 they will only pay 9000.
It sounds like you have 8000 in costs. The seller will only pay the $8000.
2006-12-17 08:18:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It means the Seller will pay up to and no more than $9,000 of your closing costs. If the closing costs are $10,000, then the Seller will pay $9,000 and the Buyer will pay $1,000. If the closing costs are $9,000, then the Seller will pay all $9,000 of it. If the closing costs are $8,000, then the Seller will pay $8,000. In this case, the Buyer will not get the difference ($1,000) in cash.
2006-12-17 08:12:24 · answer #3 · answered by blackwidow828 2 · 0⤊ 0⤋