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#2044180 - 10/14/15 05:05 PM Seller paid costs
husker14 Offline
Member
Joined: Aug 2005
Posts: 50
We have purchase contract that shows seller paid costs for pest and warranty, are these disclosable??

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TRID - TILA/RESPA Integrated Disclosures Rule
#2044209 - 10/14/15 05:55 PM Re: Seller paid costs husker14
CompliantOkie Offline
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CompliantOkie
Joined: Dec 2013
Posts: 423
OOOOOOklahoma
If you have the purchase contract before your initial LE is provided, you must abide by the terms in the purchase contract. You would not disclose the costs the seller will pay on the LE. Those costs will be on the CloD in the "paid by seller" column.

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#2045567 - 10/22/15 11:57 AM Re: Seller paid costs husker14
Moeciu Offline
New Poster
Joined: Aug 2015
Posts: 13
One of our investors is asking us to identify the “pay to” on the seller paid fees side of the CD. I can’t find anything specific in the rule. Does anyone has an opinion? Thank you.

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#2046132 - 10/26/15 04:54 PM Re: Seller paid costs husker14
MonicaMc Offline
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MonicaMc
Joined: Dec 2013
Posts: 236
Land of Oz
On LE say we have $1,200 in seller credits ($200 fees + $1000 lump sum credit).
On the CD, can we break down the $1000 credit to be fee specific then have Seller Credits on page 3 in the "Final" column be "$0"? The end numbers work out the same, but I wanted to make sure there were no issues with showing $1200 on the LE to "$0" on the CD (even though they are show as Seller Closing Costs paid at Closing).

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#2046160 - 10/26/15 06:21 PM Re: Seller paid costs husker14
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,785
Cape Cod
No worries. Assigning those seller credits to the fees they pay for makes sense, and seller credits aren't subject to any cure calculation, in any event.
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#2046161 - 10/26/15 06:22 PM Re: Seller paid costs husker14
MonicaMc Offline
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MonicaMc
Joined: Dec 2013
Posts: 236
Land of Oz
Perfect. Thank you!

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