@Anonymous_ wrote:
@NCperson wrote:
If true, then the question for the lawyer / closing agent: as the seller am I taking on any risk by shading the truth on the reason for the seller credit?
As a lawyer, I would simply state that what the buyer does with the credit post-closing is essentially beyond the control of the seller.
If the lender or any other party would like further information as to the nature of the credit, it is incumbent upon them to inquire.
As long as the credit is on the closing statement, I agree there are no negative implications. I probably missed that part. It's not really our concern or @jlo90275 's concern as to why the buyer wants to be non-specific about the credit. Going back to the original question, @jlo90275 reports the sale using the credit as a reduction in the selling price, for purposes of capital gains and depreciation recapture. That's all they need to worry about.
