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This title company is obviously doing something that does is
not supported by RESPA. When you agree on the contribution, the verbiage says up
to, which means what is allowed by the mortgage lender to be shown on the HUD 1
( settlement statement) therefore you are only required to pay the lower
amount.
Best Regards
Rigo Juarez
----- Original Message -----
Sent: Wednesday, April 27, 2005 2:44
PM
Subject: [RealEstate] HELP Closing
Tomorrow need question answered
HI all -
Closing tomorrow afternoon, I hope
someone can answer 1 question.
As seller, in my Texas contract, I
agreed to "pay up to" $4500 of
buyer's closing costs.
I just
received a preliminary settlement statement from the title
company.
All looks good, *except* this:
The total buyers settlement costs are
$4202.76. However, in the
face sheet, the Title Company still
subtracted $4500 from the
buyer's column, whereas I think it should say
$4202.79. Otherwise,
the way I see it, I am paying ~$300 towards
buyer's earnest money
fee and mortgage loan (the other two values in
buyer's column). Are
the loan amount and earnest money considered
closing costs?
The $300 doesnt really matter in the big picture,
however this buyer
has been a royal pain in the you-know-what and I'd
rather not put
that extra $300 towards his earnest money/loan amount if
this is a
mistake.
In short, since buyer's total settlement costs
(insurance, taxes,
blah blah blah) are only $4200, am I responsible for
the full $4500
amount?
Thanks if anyone can shoot me a quick
anser!
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