Q: After signing closing papers on a home. The seller was told to write a check to the new owner for repairs? WHY?
My grandfather sold the house and after signing papers, was told to write a check for repairs ($4,000) to the new owner. Why would the repairs not come out of the check at closing. This doesn't make sense to me. I feel like my grandfather was taken advantage of. This sell occurred in East Tennessee. There was alot that didn't make sense during this transaction. From being told that the buyer was paying asking price but after I reviewed the papers it was $10k less. So shouldn't that cover the cost? I wish I would have known about the closing day and time, so I could have went with him.
A: You better read the Sales Con tract, which is the place where the purchase price and any setoffs should be listed. There may be realtor fraud. Also read any and all closing documents such as the Settlement Statement with all the money figures. It does not appear that you all have any idea what went on. Then hire a competent attorney to possibly sue. Then again the Seller may have agreed to all of this.
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