Your broker tip of the week from James Stewart Principal Broker KW Utah Realtors
Agents – please use the Closing costs addendum OR add the pre-written available clause both in the wfrmls.com under the forms.
The clause will help you keep out of trouble with making up verbiage when addressing closing costs and what they may be used for.
It reads as follows:
1. Seller’s Contribution to Closing Costs. Seller agrees to contribute at Settlement the amount of $______________ to be applied at Buyer’s discretion toward any or all of the following: (a) a permanent reduction, or temporary reduction, in the mortgage loan interest rate; (b) mortgage financing costs; (c) closing costs; and (d) Prepaids/Escrows. Any unused portion of Seller’s contribution may, at Buyer’s option, be used to reduce the Purchase Price.
