Real Estate

Is it possible that the realty agent would tell the home buyer to pay for some or all closing costs so that they will keep the money themselves?

Real Estate ( scum bag ) Agents are capable of anything.. Do the math when you close the deal and make sure every penny is accounted for.. Don’t just rely on what your atty says. I have found many small errors on the many houses I have bought. I now, have a clause that I add to all P&S agreements that says if any money is misplaced or not accounted for in error – the agent is to pay buyer $100 accounting fee

4 Responses

1. J B Says:
   February 24th, 2010 at 3:41 pm

   Real Estate ( scum bag ) Agents are capable of anything.. Do the math when you close the deal and make sure every penny is accounted for.. Don’t just rely on what your atty says. I have found many small errors on the many houses I have bought. I now, have a clause that I add to all P&S agreements that says if any money is misplaced or not accounted for in error – the agent is to pay buyer $100 accounting fee
   References :

2. broccoli brain Says:
   February 24th, 2010 at 4:06 pm

   To what money are you referring? The person borrowing the money is responsible for the cost of borrowing that money. Why would you expect an agent to pay for that?
   I think your question exemplifies how naive borrowers can be and why this country is in financial distress.
   References :

3. A D Says:
   February 24th, 2010 at 4:30 pm

   I’m not sure how the real estate agent would benefit from the buyer paying their own closing costs.

   You don’t say where you are located, but in the typical real estate transaction in the US, the buyer pays closing costs at the closing of the sale.

   Typically, these costs are calculated by the closing agent, not the real estate agent.

   The closing agent may be an escrow officer or an attorney (different places do it differently). And these costs are paid by the buyer to the closing company – payable to the closing company.

   So the real estate agent shouldn’t have any contact w/the buyer’s money.

   If you feel something unethical or illegal has happened you should consult with your state real estate commission, or the local board of REALTORS, if the agent is a realtor.
   References :
   TX REALTOR

4. estielmo Says:
   February 24th, 2010 at 5:08 pm

   all the terms of sale are in writing – be sure you read/understand everything before you sign
   References :

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