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If the seller agrees to pay $3,000 in closing cost. Is it required that the seller receive a breakdown of what they are paying (item description and amount) or is disclosing a seller credit of $3,000 as a single credit ok?
Response from kowsley:
There is no requirement for the fee to be broken down if the seller agrees to provide $3,000 as a general credit toward the borrower’s closing costs; however, the contract should be checked to determine if that was requested in the contract. If the seller agreed to pay specific fees to make up the $3,000 then yes the seller should be able to see a breakdown of the costs.This q&a might also be helpful:
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