Seller Paid Closing Costs

WHAT TO KNOW:

  • To help identify an accurate home value and improve turn-around time for appraisers, we are changing the way Seller Paid Closing Costs (SPCC) are handled in Matrix.
  • Field Name Change: Seller Givebacks is changing to Seller Paid Closing Costs (Dec.2019).
  • Seller Paid Closing Costs will be a required field when you close a
  • If your Seller paid any closing costs, on behalf of, or for the Buyer, you need to show this amount in the Seller Paid Closing Costs field.
  • Closing costs typically include things such as*:
    • A fee for obtaining a credit report
    • A Loan origination fee – the amount the lender charges for processing loan paperwork
    • Legal fees
    • Charges for home inspections
    • Appraisal fee
    • Survey fee – the cost to verify property lines
    • Title insurance – this protects the lender if the title isn’t clean
    • Title search fee – the cost for a background check on the title to make sure there aren’t unpaid mortgages or tax liens on the property
    • An escrow deposit
    • A recording fee – The cost to record the transaction in the city’s or county’s records
    • Underwriting fee – covers the cost of evaluating the loan application
  • SPCC does NOT include carpet allowance, driveway repair or other fees that are being credited to the buyer to improve the home.

*info provided by https://firstohiohome.com/mortgage-101-closing-costs-fees-explained/

  

WHAT TO DO:

  • When marking a listing sold, enter the Seller Paid Closing Costs in appropriate field.
  • If no closing costs are being paid, enter 0.

WHO TO CALL:

If you have questions, contact the Yes-MLS help desk by email at help@yes-mls.com or call 216-485-4100 ext 480.

 

Note: Our legal counsel reviewed and approved this change. The data is only provided on agent reports and within our system and is not being displayed to the public. Confidential will not be an option.

 

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