Is it a fake pas to question the seller to pay closing charges? – Score: 2

4 thoughts on “Is it a fake pas to question the seller to pay closing charges? – Score: 2”

  1. Usually the person the broker is representing pays the broker’s fee. As in, if you had a broker bring you the deal as the buyer, you would pay it vs. if the seller had a broker market the deal, they would pay it.

    Other costs are usually paid by custom in each state; [https://www.republictitle.com/wp-content/uploads/2018/11/SBS-Guide-12.2018-RT.pdf](https://www.republictitle.com/wp-content/uploads/2018/11/SBS-Guide-12.2018-RT.pdf)

    Outside of weird scenarios, they usually wouldn’t pay for like legal costs, 3rd party costs ect.

  2. Happens all the time, a LOI is not binding, it’s a prelim feeler setting out your desired terms to help speed a meeting of the minds and a formal contract. Ask for any and all things you want, (and though not everyone agrees with me I think it’s good to set a drop dead date, i.e. the date your offer will drop dead if you don’t receive an offer or a counter.) Is it your broker or their broker who is being compensated?

  3. In some of the off market deals I’ve worked the buyers agent is paid by the buyer and sellers agent by the seller and we are upfront about it before we get to LOI stage. Other times the commissions are factored into the list price.

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