Colli Real Estate

Is it legal for Oregon state real estate agents or brokers to credit buyers for concessions?

unfortunately, i do not know what role you have. i.e., are you a seller, buyer, broker, lawyer, etc.? so i am answering you on the only thing i now have to go on, okay?

it is NOT illegal to make a contract contingent upon the buyer receiving x dollars at closing towards y. all that amounts to is that on the closing statement, x dollars are subtracted from what the seller receives.

it is simply called a credit at closing and nothing is wrong with a real estate licensee to indicate this in a contract. if the seller accepts the offer based on all the wording, including that credit, it becomes a contract. therefore, it is a legal, binding agreement. if then, the parties to the contract do not perform per the wording of the contract, there is a breach of contract, which then becomes, in legal terms, a “tort,” which can be sued on.

NOW THEN, THIS IS REALLY IMPORTANT for the folks out there that still think that they can write up a contract for greater than the asking price and take cash out of the closing!

the banks got wise to this little trick a few years back. it is against the law to do this. no lawyer or broker will jeopardize his license to make that deal. in fact, i had a buyer wanting to do that on a FSBO, “for sale by owner,” who had no real estate broker. (he wished to call it a “credit,” but it was not: it was taking back cash at closing, and because it’s illegal, the seller may not have given it to the buyer)!

in that instance, i was certain to put wording into the offer that
NO BROKER was involved and that no commission would be paid to any broker, although my buyer would have paid me directly.

i advised and advised that it was so risky that he shouldn’t do it. even the separate attorneys wanted nothing to do with this scenario. since banks are governed by laws, and we are governed by license laws, why do something illegal?

well, he did it anyways, and i walked out of the negotiations. he bought the house. the seller sold the house to him and walked out of the closing without giving him any cash AT ALL. so you see, it’s not worth your while (if you are the buyer).

if you meant something else, please use my email that is provided here on my profile to address a specific question as it pertains to this one.

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