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If there is money left over from the seller's concession that is put into the price of the house by the buyer who gets the remaining money that is technically put into the purchase price?
Wiki User
∙ 18y ago
In my experience words like "concessions" and "incentives" can be used rather loosely. real estate transactions are often simple, often complicated and always serious. You should make sure you have an opportunity to review your closing statement before you sign on the dotted line. Your lender, if you are financing your real estate purchase, may have specific limits on how much a buyer can receive from the seller in concessions. Also keep in mind that real estate transactions are done differently in different states. For example, in Texas where I practice, title companies are paid to conduct title searches and insure the title to the real estate in question. Title companies also close the transaction with the buyer and the seller and issue funds. Their fees are listed on the closing statement as well. In other states, closings take place in attorney's offices. It really varies by local custom and state laws. If you are a buyer, make sure you understand what your lender's fees are and whether seller's concessions (and how much) are permissable with your loan. Some conventional loans permit up to 6% of the sales price in seller concessions, with some it's 4%. It is very important to review that closing statement, but don't be surprised if your first look at it is the morning of or the hour before the closing. Title companies and lenders are often scrambling beyond the eleventh hour to get a deal closed. If I can help further contact me through www.tcarper.com.
Wiki User
∙ 18y ago
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