Addendum For Seller Credit
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FAQ
Seller credits (seller concessions) are closing costs that the seller agrees to pay on behalf of the buyer. This is often a win-win scenario as the seller is able to get the deal done, and the buyer is able to purchase their home while mitigating the additional expenses at settlement.
Hear this out loud PauseYou write an addendum that says, ?The buyer and seller agree the seller will pay $_____ towards the buyer's closing costs.? That is it.
Hear this out loud PauseAt closing, Seller shall pay or reimburse Buyer for the payment of Buyer's loan fees, closing costs, inspection fees and/or prepaid items as allowed by lender up to $ or % of purchase price.
Hear this out loud PauseSeller Credits are funds that the seller contributes to the buyers side of the transaction at settlement. These funds can be used to cover closing costs, pay for repairs and assist you in other areas based on lender approval.
Hear this out loud PauseOn the Real Estate Purchase and Sale Contract, Section 6, "Closing Cost Credit to Buyer from Seller" reads as follows: "Seller agrees to credit to Buyer at Closing $_________________ OR _______% of Purchase Price ("Closing Cost Credit"), to be applied to prepaid expenses, closing costs or both as lender permits."
