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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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500 credit
so i was informed that there is some law that the SELLERS had to have filled out some long form about certain conditions of the home..
If they choose not to fill out this form they SELLERS have to give the purchasers a 500 credit at closing
anyone hear of this?
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Posted 11/30/06 9:05 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: 500 credit
yes it is very common. It is not the case with new construction though. Almost every seller will give the credit, if they fill out the form then the purchaser would be able to sue them.
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| Posted 11/30/06 9:06 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: 500 credit
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
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| Posted 11/30/06 9:13 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: 500 credit
Posted by lululu
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
ha ours did too!
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| Posted 11/30/06 9:13 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 500 credit
Posted by lululu
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
they didn't 
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| Posted 11/30/06 9:13 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: 500 credit
Yes it's in our contract too.
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| Posted 11/30/06 9:28 PM |
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LadyPrincess
Live Life with No Regrets
Member since 5/05 2298 total posts
Name:
Chris
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Re: 500 credit
YES - heard of this today
if you are doing a purch/buy
its a wash
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| Posted 11/30/06 9:31 PM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: 500 credit
Posted by Redhead
Posted by lululu
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
they didn't
It's not necessarily a *good* thing (well, besides the $500 credit), if they didn't complete the disclosure statement. Quite frankly, I would wonder why they didn't.
Soon after we purchased our home we had a problem in the basement with a pre-exisiting leak - the sellers completed the disclosure statement which indicated that they knew of none (which was BS b/c they CLEARLY tried to repair it w/ duct tape). After a few calls to my lawyer and theirs, we were able to get the $800 cost reimbursed to us.
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| Posted 12/1/06 12:35 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 500 credit
Posted by My2Boys
Posted by Redhead
Posted by lululu
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
they didn't
It's not necessarily a *good* thing (well, besides the $500 credit), if they didn't complete the disclosure statement. Quite frankly, I would wonder why they didn't.
Soon after we purchased our home we had a problem in the basement with a pre-exisiting leak - the sellers completed the disclosure statement which indicated that they knew of none (which was BS b/c they CLEARLY tried to repair it w/ duct tape). After a few calls to my lawyer and theirs, we were able to get the $800 cost reimbursed to us.
well if there was duct tape i would HOPE that is something that the inspector should have picked up on...
but i guess for YOU things can go wrong even IF they fill it out..
But i guess it is all out of my hands since they didn't fill it out. But these owners kept this house in excellent condition..He has his prized possessions downstairs so highly doubtful they would risk any leaks or whatnots
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| Posted 12/1/06 5:45 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: 500 credit
Does this mean you closed on the house? Can we get some details?????
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| Posted 12/1/06 8:51 AM |
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Re: 500 credit
Yes, when we purchased our home the seller did this and we will do the same when someone buys our home.
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| Posted 12/1/06 9:06 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: 500 credit
Yes, I've heard of this. My RE agent told me that it's a long form and most sellers don't bother with it.
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| Posted 12/1/06 9:39 AM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: 500 credit
Posted by Seles81
Yes, when we purchased our home the seller did this and we will do the same when someone buys our home.
ditto
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| Posted 12/1/06 9:51 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: 500 credit
Posted by Redhead
Posted by My2Boys
Posted by Redhead
Posted by lululu
Yes - and our realtor told us that hardly anyone fills it out - but of course, our sellers filled it out... Hopefully yours wont!!!
they didn't
It's not necessarily a *good* thing (well, besides the $500 credit), if they didn't complete the disclosure statement. Quite frankly, I would wonder why they didn't.
Soon after we purchased our home we had a problem in the basement with a pre-exisiting leak - the sellers completed the disclosure statement which indicated that they knew of none (which was BS b/c they CLEARLY tried to repair it w/ duct tape). After a few calls to my lawyer and theirs, we were able to get the $800 cost reimbursed to us.
well if there was duct tape i would HOPE that is something that the inspector should have picked up on...
but i guess for YOU things can go wrong even IF they fill it out..
But i guess it is all out of my hands since they didn't fill it out. But these owners kept this house in excellent condition..He has his prized possessions downstairs so highly doubtful they would risk any leaks or whatnots
Right. For ME things can go wrong. Great point.
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| Posted 12/1/06 4:19 PM |
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