Real Estate 48 hour sales

[vacation]

Any "side letters", or "kick backs", that would misrepresent the "full consideration" of the transaction to the government would constitute Fraud.

The builders can report what ever they want, the county clerks office should show the "total consideration". If not, people will be going to jail. [/B]

Can you point me to the actual law about this?

If what you are saying is true, I have enough information, in print, for a cut and dried conviction.

 

[danoXP]

Quote from vacation:

Can you point me to the actual law about this?

If what you are saying is true, I have enough information, in print, for a cut and dried conviction.

Be certain here. There is a difference between the price of the house and the associated "closing costs" paid by the buyer and seller. Sellers can agree to pay certain legal, financial (points), title search, etc... costs that are listed on the Real Estate contract sale, but are not considered into the price of the transaction - this is all very clear on the required real estate contract form.

(There is no space on the form for "Large cash kickback payments").

If you have evidence of a discrepancy, I would report it to the county clerk. The clerk would most likely give the filing attorney the opportunity to "correct" their recording error by forwarding your evidence to them. If the filing attorney "corrects" the error, and the clerk "re-records" the SR1A - then you are on to something.

 

[vacation]

Quote from danoXP:

Be certain here. There is a difference between the price of the house and the associated "closing costs" paid by the buyer and seller. Sellers can agree to pay certain legal, financial (points), title search, etc... costs that are listed on the Real Estate contract sale, but are not considered into the price of the transaction - this is all very clear on the required real estate contract form.

(There is no space on the form for "Large cash kickback payments").

If you have evidence of a discrepancy, I would report it to the county clerk. The clerk would most likely give the filing attorney the opportunity to "correct" their recording error by forwarding your evidence to them. If the filing attorney "corrects" the error, and the clerk "re-records" the SR1A - then you are on to something.

I am not talking about closing costs. I am talking about the price of the home.

I'm talking about a six figure discrepancy in the actual price paid with the price recorded with the county clerk.