can seller pay buyers closing costs including property transer fees?

Jandbnanaimo (almost 2 years ago) - Richmond, BC
(17 people answered this question)
  • Realtor Pro   (over 1 year ago)
    http://www.the-toronto-realest... Toronto Real Estate

    Sure ,As long it is written in the agreement of purchase and sale.In slow markets it could be an incentive offered by the sellers.

     
  • Realtor Pro   (over 1 year ago)

    This is absolutely right if it is offer by the SELLER in written. Your Agent will make sure it is written on the Promise to Purchase.
    Remember yourself as a Buyer needs a Buyer's Agent. The SELLER has his one Agent, the LISTING Agent.

     
  • Realtor Pro   (over 1 year ago)
    http://www.listwithgowest.com/ Richard Sobolewski

    Of course, no problem! But have everything in writing! Both parties mus agree and sign

     
  • Realtor Pro   (over 1 year ago)
    http://www.homesnearwhistler.com/ Affordable Real Estate Assistance in Whistler, Pemberton, & Anderson Lake BC

    Any reasonable seller should be open to negotiation when it comes to the sale of their property. if your requests are also reasonable, and respectful of their interests as well; you may be surprised what sellers are willing to do... if you ask. Sometimes being honest, and just communicating openly works in everyone's best interest. Rule #1: if you don't ask, you won't know. Rule #2: put everything in writing when and if you agree to something. Best Wishes to You!

     
  • Realtor Pro   (over 1 year ago)

    Hi jandbnanaimo,

    An offer of Purchase and Sale can be structured many ways. One way to structure this deal would be to ask the seller for a credit upon closing. For example the offer suggests that the seller will credit you $5000 upon completion of the sale. These funds will remain in trust in your solicitors trust account. The Lawyer will then explain the credit and transfer of funds in your statement of adjustments when you’re reviewing the closing documents. Please always make certain that these conditions/clauses are worded right and very clear.

     
  • Realtor Pro   (over 1 year ago)
    http://www.oosting.ca/ Louis Oosting

    Of course the seller can pay for the buyers closing costs, as long as it is declared. Louis Oosting, Green Acres Realty. 604-338-9447

     
  • Realtor Pro   (over 1 year ago)
    http://www.robertede.com/ Nobody ever explained it to me like that!

    Certainly, it's done (albeit rarely)as an allowance to Buyer on the statement of adjustments.

    Similarly the Buyer pays a price to the Seller that includes the Realty fees.

     
  • Realtor Pro   (over 1 year ago)

    There is a chance that seller will be willing to pay for it. Just a right agreement hast to be created by Realtor.

     
  • Realtor Pro   (over 1 year ago)
    http://www.darylrad.com/ Daryl Radovich

    Yes, however, banks will not recognize the cashback as part of the downpayment or factor it in for mortgage qualification purposes.

     
  • Realtor Pro   (over 1 year ago)
    http://www.teamjagpal.com/ #1 Toronto Real Estate Market Blog: http://1stoprealestate.ca

    Sellers can... make sure it is written in the agreement of purchase and sale. Have everything in writing!

     
  • Realtor Pro   (over 1 year ago)
    http://www.barbhughes.com/ NEVER TOO BUSY FOR MY CLIENTS!

    Yes, but must be written in the contract. Could be a good incentive to attract buyers.

     
  • Realtor Pro   (over 1 year ago)
    http://davidursino.com/ Sales Representative Royal LePage Your Community Realty Inc.

    anything can be negotiated, it always comes down to price. Ultimately the vendor and the buyer have to sign an agreement for the offer to be accepted.

     
  • Realtor Pro   (about 1 year ago)
    http://www.tlms.ca/ I love referrals please think of me next time when you come across the Real Estate Needs.

    A Closing cost covers more than one item.

    Moving
    Lawyer fee
    Title Insurance
    Disbursement
    Difference between Deposit and Down payment

    Be specific and write it in the condition of the contract get signed by the seller(s) and you.

    Then it is possible.

     
  • Realtor Pro   (about 1 year ago)

    yes, the seller can pay for anything, or nothing, if they wish. Likewise, the buyer can pay for anything if a multiple offer situation occurs and they wish to have the winning offer.

     
  • Realtor Pro   (about 1 year ago)

    Yes and No. These days’ banks are looking for financially stable Buyers. See new rules starting from the 18th of March. How are you planning to buy a property if you don't have money for closing costs? Most of the banks have rules for giving you mortgage, and one of them is: "you have to have money for the closing cost for at least 30 days, 60 days, and 90 days (depending on a bank) in your account before closing. "Show the money to the bank" and drop the price if you don't want to have a surprise at closing day. And yes, the seller can pay …see all other answers, they are correct (if it works these days).

    Angela Zelvenschi
    Broker
    www.azgta.com
    Sutton Group - Admiral Realty Inc. Brokerage

     
  • Realtor Pro   (about 1 year ago)
    http://www.dalebiason.com/ info@dalebiason,com

    This is a common clause when a buyer is using a rent to own option. In this case the buyer is generally the financer of the purchaser.
    It is important to remember that anything you ask the seller to refund will generally need to be added to the selling price. In other words, if you want cash back, be prepared to pay it on top of the price the seller is willing to accept without the refund.

     
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