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Old 07-20-2008, 10:44 PM
 
Location: Sugar Land, TX, USA
759 posts, read 3,014,738 times
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Is there any legal limit on the maximum amount that a real estate agent can contribute to your closing costs? i.e. if my closing costs were 30K could the agent contribute 30K or 15k? is there a percentage max?

thanks.
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Old 07-20-2008, 11:08 PM
 
2,611 posts, read 8,261,775 times
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Usually the lender is the one that sets the max. In a lot cases 3% of the sales price. Check with your lender and see what they allow.
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Old 07-21-2008, 06:45 AM
 
Location: Austin & Houston, TX
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Maximum contribution can not exceed 6%.
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Old 07-21-2008, 07:41 AM
 
Location: Sugar Land, TX, USA
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Beto thanks for the information. follow up, So if the real estate agent is getting 3% from the builder, technically, he can contribute the full 3%?
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Old 07-21-2008, 08:00 AM
 
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Also, what if the total closing cost is less than the realtor contribution ? Is it possible to use the remaining to pay for few months of property tax in advance ?
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Old 07-21-2008, 08:03 AM
 
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You can use the remaining amount to pay your downpayment.
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Old 07-21-2008, 08:28 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 12,696,499 times
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When I recently closed on a house the title company told me there were certain things that could not be covered by Realtor contribution so we ended up having to pay in some money but then got it back when they paid the extra to the Realtor (my friend), but I was never quite clear on what exactly wasn't covered.
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Old 07-21-2008, 08:48 PM
 
Location: Austin & Houston, TX
1,461 posts, read 5,279,930 times
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Quote:
Originally Posted by icon7 View Post
Beto thanks for the information. follow up, So if the real estate agent is getting 3% from the builder, technically, he can contribute the full 3%?
6% max total of sales price.
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