Is it legal for real estate agents to pay for buyer's closing cost ?
can buyer's closing cost/downpayment deducted from real estate agent's commission ?
- Anonymous1 decade agoFavorite Answer
Not in CA, I do not know about other states.
I think the lender might have a problem with a buyer unable to afford to handle their own transactions.
- acermillLv 71 decade ago
It is not allowed in most states. That being said, it would be rather stupid for an agent to agree to such a request, given that closing costs would wipe out most or all of the commission earned. I'd never agree to such a request, even if it were legal in my state.
- golferwhoworksLv 71 decade ago
not legal in my state at all. In fact I had to credit to the borrower and the agent wanted to but the title company would not allow it. I lost and the agent made out
I have heard of this being done a number of times over the last year so presumably it is legal.
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- RealtoratheartLv 61 decade ago
Only if it is disclosed to all parties involved in the transaction. Stupid, but doable.