Closing costs to Seller/Buyer

How do I word it in the contract to the seller/buyer that they will be responsible for the closing costs? This way I will not have to come out of pocket at closing. Please advise!

Edited: 06/26/2010 at 05:36AM

Account Closed

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Jul 31 '08, 01:06 AM

Lang,
I attached an exerpt of a contract I have which you are welcome to use. I do not guarantee it though, so you should probably get it blessed by an attorney. Good luck, Mike

Edited: 06/26/2010 at 05:36AM

M Lang

Real Estate Investor · Providence, RI

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Jul 31 '08, 02:53 AM

Very helpful information Mike! Now do all those categories come with every deal? I may need a little help deciphering what it all means! =P

I didn't know I even had to cover the " Wood Destroying Organism Report" in the contract.

I also noticed that this is starting at number " 3" . I unable to view " paragraph 4, 9 or 11" ?

Please advise, but thank you for your effort!

Edited: 06/26/2010 at 05:36AM

Robin Vidovich

Real Estate Investor · Reading, Pennsylvania

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Aug 01 '08, 02:50 AM

Lang,
With assuming that you are wholeselling the deal, it is not even an issue that you would have any out of pocket expenses. You are simply selling a piece of paper which gives the buyer the " Right" to purchase the property at your negotiated price. The closing of the deal basically has nothing to do with your business.

rdinvestors

Edited: 06/26/2010 at 05:36AM

Jason Cummins

Real Estate Investor · Katy, Texas

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Aug 02 '08, 02:48 AM

The only parties that need to worry about closing costs are the buyer and the seller.

You as a wholesaler are kind of like a middle man. Especially if you are assigning your contract.

With that said, you do not need to worry about the closing costs, as you are not the person who in the end is buying the house.

Edited: 06/26/2010 at 05:36AM

Jeff Fairchild

Real Estate Investor · Vancouver, Washington

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Mar 09 '09, 10:06 AM

I'm still wondering if this is true. Won't it be easier to sell your deal to an investor if the seller is paying all of the closing costs?

Mike,

You say "I attached an exerpt of a contract." Where did you attach this? I don't see anything.

Edited: 06/26/2010 at 07:31AM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Mar 09 '09, 10:35 AM

The forums no longer support attachments.

Edited: 06/26/2010 at 07:31AM

Jon Holdman, Flying Phoenix LLC

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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Mar 09 '09, 12:04 PM

Originally posted by Jon Holdman

The forums no longer support attachments.

We do plan on re-implementing this feature in the not-too distant future.

Edited: 06/26/2010 at 07:31AM

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