Florida Short Sale question on closing costs

I made an offer to a home in Broward County, Florida, a cash offer and only contingency is inspection.

The sellers attorney added a line to the ADDITIONAL CONDITIONS, saying:

"Buyer to pay all costs for title insurance, survey and all other closing fees not paid by seller's mortgage lender".

I understand the sellers will not get a dime back from the proceeds of the sale, but I am wondering with a vague statement like this doesn't it give the bank the option to dump all closing cost on the buyer? I don't want to be stuck with RE commissions, seller's attorney fees, escrow or whatever. If the bank dictates title agent I don't want to pay for title, only if I dictate I would.

Is there a better way to word this such that it would be fair, may be it needs to be itemized...I don't know. I would prefer to first put that on their bank to pay for it from the proceeds of the sale, and let the bank come back with what they will and will not pay, instead of just we pay whatever the bank doesn't.

Any comments would be greatly appreciated.

The lender will most likely pay for most if not all customary closing costs BUT...if there is something that comes up on title (excessive HOA debt etc) they may not pay all of that. If it were me, I might still check the box that says that the seller selects and pays for title and then write in an agreed upon closing company that can run the title and lien searches/HOA estoppels for you up front so I might know better what I was potentially looking at. Short sale negotiating is a timely process and there may ba a short sale negotiating company involved so those are things I would want to know up front before I agreed to a blanket statement contratually-the fees may be totally worth it when it comes to the value of your transaction. Further if this was a good proeprty for me, I would make sure I conveyed to the parties that I was fully engaged in making this deal get to closing but that I just needed to make sure I could do that right up front to make it a smooth closing. Helping people understand your motivation is to close will help them be more open and leave less room for defensive movements. Good luck! :)

Replies

Keri Sweetland April 11, 2012 at 4:42am

The lender will most likely pay for most if not all customary closing costs BUT...if there is something that comes up on title (excessive HOA debt etc) they may not pay all of that. If it were me, I might still check the box that says that the seller selects and pays for title and then write in an agreed upon closing company that can run the title and lien searches/HOA estoppels for you up front so I might know better what I was potentially looking at. Short sale negotiating is a timely process and there may ba a short sale negotiating company involved so those are things I would want to know up front before I agreed to a blanket statement contratually-the fees may be totally worth it when it comes to the value of your transaction. Further if this was a good proeprty for me, I would make sure I conveyed to the parties that I was fully engaged in making this deal get to closing but that I just needed to make sure I could do that right up front to make it a smooth closing. Helping people understand your motivation is to close will help them be more open and leave less room for defensive movements. Good luck! :)
Wendy Rulnick April 11, 2012 at 3:50am

Jack - If I were the buyer, I wouldn't like that statement either. It is too open ended. Have an attorney draft a counter offer for you.

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