Illinois  |  Real Estate Law

Legal Question

Asked on: 5/16/13, 7:25 pm

I'm not sure I asked this question correctly, so I'm going to give it one more shot. I appreciate the responses I already got.

I'm buying a condo for 410K and the seller wants 25k of that amount to be a bill of goods sale for the appliances (stove, fridge, washer/dryer). The market value of the apartment is +/- 410K but the market value of the appliances is far less than 25k.

1. Is this a normal transaction?

2. Would a lesser amout, lets say 10k instead of 25k make it less risky?

3. Would you advise against this?

1 Answer

Answered on: 5/17/13, 9:20 am by Stephen Messutta

1. NO unless the listing and original contract excluded those items.

2. NO. A used fridge, stove and washer/dryer may only be worth $1000 combined; $10000 is a fictitious number. I can get a nice new fridge for $1500, a new stove for $1000 and a new washer/dryer combo for $1000. The amounts have to be real, and need to be documented separately.

3. For the paltry amount of transfer taxes involved, YES.

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