Legal Question in Consumer Law in Massachusetts
marking up the sale price of a house
Is it legal to mark up the sale price of a house to help the buyer pay closing costs?
(sale price 235,000 - marked up to 242,000) the buyer will get 7,000 to be used for their closing costs but rolled in with their mortgage.
Asked on 9/25/06, 10:04 pm
1 Answer from Attorneys
Re: marking up the sale price of a house
So long as the lender is aware of the amount of money to be contributed by the seller to cover closing costs and approves, then yes. Otherwise, there could be issues concerning fraud.
Answered on 9/25/06, 10:09 pm
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