Erie Canal Properties

The New York State Bar Association has issued an opinion that Attorneys cannot participate in a Real Estate Transaction with Seller's concessions with a grossed up sales price. In other words any real estate transactions involving concessions will require that the Purchaser, Loan Officer and Real Estate Broker disclose the actual sales price and concessions. The days of pumping up the sales price & then add in concessions so the purchaser can qualify for a mortgage are gone.