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Concessions on closing costs

Started by Junkman
over 17 years ago
Posts: 288
Member since: Jun 2008
Discussion about
I'm sure most of you real estate junkies read the Times article concerning this topic. My question is, if one is in contract and the developer offers concessions to new buyers, can I expect my closing costs to be reduced in kind. ie. developers lawyer fees (new development), state city tax etc. http://www.nytimes.com/2008/10/12/realestate/12cov.html
Response by caramia311
over 17 years ago
Posts: 19
Member since: Aug 2007

It depends on your contract and on the developer. If your contract says that the developer is limited to damages of your contract deposit if you don't close, you have some bargaining power. But you have to be prepared to walk away from that deposit (or at least appear as though you are). If your contract allows developer to seek specific performance (forcing you to close), it may be a bit difficult.

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