is it legal to have a cash real estate transaction where the buyer pays above the asking price and receives the cash back from the seller at closing?
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is it legal to have a cash real estate transaction where the buyer pays above the asking price and receives the cash back from the seller at closing?
Asked on June 14, 2009 under Real Estate Law, Michigan
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Why? Doesn't make sense. So a buyer pays $100,000.00 cash for a house actually selling for $90,000.00 and gets $10,000.00 back? It doesn't make sense unless you are doing it as a non-cash transaction -- like a lender is involved -- then it is completely illegal.
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