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shelley78
LIF Zygote
Member since 3/08 48 total posts
Name:
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property disclosure credit
We are closing on our home tomorrow and will be paying the seller $500 because they signed the property disclosure document. Everyone I have talked to has told me that sellers NEVER sign this document and usually the seller will pay the buyer $500 at closing. What was the advantages to the Seller by signing this document (besides the $)... should i be concerned that they signed it?
Message edited 8/27/2009 9:32:08 PM.
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Posted 8/27/09 9:30 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: property disclosure credit
The seller pays the buyer $500 if they don't sign the discloser
the buyer does not pay the seller this fee
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| Posted 8/27/09 9:41 PM |
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shelley78
LIF Zygote
Member since 3/08 48 total posts
Name:
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Re: property disclosure credit
my attorney told me that since the seller signed the document I have to give them $500... is this wrong?
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| Posted 8/27/09 9:43 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: property disclosure credit
Posted by shelley78
my attorney told me that since the seller signed the document I have to give them $500... is this wrong?
I think it is. The seller usually opts to not sign the form as it presents some liability issues for them, so they give you the $500 instead. I have never heard of a buyer having to pay the seller for that.
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| Posted 8/27/09 9:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: property disclosure credit
I have my real estate book open to confirm this
"Any buyer that does not receive the statement is entitled to a $500 credit"
the buyer does NOT pay the seller for signing this ever
I can not believe your lawyer would say that to you...are they a real estate attorney?
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| Posted 8/27/09 9:52 PM |
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shelley78
LIF Zygote
Member since 3/08 48 total posts
Name:
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Re: property disclosure credit
yes- i just received an email that i will need to have another $500 tomorrow to pay them. I just wrote an email to my attorney. I hope I caught this mistake.
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| Posted 8/27/09 9:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: property disclosure credit
What time are you closing?
I can scan and email you the page from my book....but I won't be in my office till 12pm
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| Posted 8/27/09 9:55 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: property disclosure credit
Most people do not sign this? Every house we have looked at has had one signed. Is this not the norm?
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| Posted 8/27/09 9:57 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: property disclosure credit
Signing it doesn't waive your liabilty as a seller...
People who don't sign it might not be fully aware of the laws
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| Posted 8/27/09 10:00 PM |
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shelley78
LIF Zygote
Member since 3/08 48 total posts
Name:
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Re: property disclosure credit
Beth - you have a FM :)
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| Posted 8/27/09 10:00 PM |
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