Anyone up at this late hour that can help me understand my purchase agreement?

[Anonymous]

We are trying to put an offer in on a house and my realtor emailed me the paper work but I don't understand some things and being that it is midnight I have no one else to turn to : )  

[Anonymous]

What things don't you understand? I can't promise I have all the answers but I'll try

[StartingOver10]

Don't sign it unless you understand the agreement.

Have the agent go through it line by line and if you still don't undertand it, make it subject to your attorney's approval and bring it to your attorney on Monday for review.

[Anonymous]

I fell asleep on myself last night : )  I have since spoke with my realtor and she answered my questions.  I had questions about the binder fee ($500.00), I suspected she had the wrong mortgage type selected (she did), title search was marked to be paid by both seller and buyer which she said she did not realize and will fix.  

I also questioned where it had buyer paying closing cost because we want the seller to pay.  She advised me that she still had to check and list the closing cost on the buyer section along with having it marked for seller to pay my closing cost.  She has it worded; "Seller agrees to pay up to $5,300.00 of buyers closing cost including pre paid and escrow items."  I just was worried since it also had it listed as my responsibility to pay the closing cost.  

[StartingOver10]

When I am writing a clause for the seller to pay closing costs and pre-paid expenses for the buyer my clause goes like this:  "It is agreed between the buyer and the seller that the seller shall pay all of buyers closing costs and pre-paid expenses due at closing allowed by lender not to exceed $X". 

The reason it is written that way is so that we can avoid the dreaded "up to $X" in the agreement. What's to stop the seller from paying $2000 and saying, well it is part of the "up to $5300?"  Think about the wording. At a minimum, I would have her remove the "up to" portion.

Also, if you look in your P&S agreement there is generally a clause that states a typewritten provision over rides a pre-printed provision. So if she is adding the seller paid costs in an addendum then that addendum (or clause) would over ride the pre-printed portion of the contract. Look for that clause to make sure.

[Anonymous]

Thank you very much for the guidance.  I just submitted a request for her to change the wording as you suggest and now just hoping she does not want to murder me for telling her how to do her job : )  What you stated definitely makes sense!