Confidentiality Agreement at Close?

I've heard of talk like this before, but seeing how desperate they are to sell - I would never agree to any sort of confidentiality agreement. I'd call their bluff even if they won't back down, there are plenty of other options to choose from. The developer doesn't have a leg to stand on and they know this.

If this is the only way to get certain concessions, I'd sign it. Why not?

To follow up, and tying this back to the thread about negotiation tactics -- this is an example of something a buyer can give that doesn't cost much to the buyer, but might be viewed as very valuable to the seller.

I agree that there appears to be little downside unless you count not being able to blog about it or speak to the media about it a downside.

Just make sure they are good concessions and you get a big price chop.
There is more danger in not getting as much off as possible than not being able to post here about what you did get.

Is this developer in a hard to sale neighborhood like FIDI? Would seem lik you'd have more leverage in a neighborhood that still have more activity like UES/UWS/Gramercy/Village.

depends what it is

Just shows you how desperate developers are and how willing they are to take advantage of others. Beware! If they have something to hide from others, what have they hidden from you?

Interesting, is there a clawback if they find out you breached your contract?

are you talking about not disclosing the real purchase price or that they are throwing in things to you.. so that they can keep on lying and telling that PRICES HAVE NOT REALLY COME DOWN, not even in FiDi as these scoundrels continue repeating?

I was referring to a developer offering a concession to a buyer at close (e.g. transfer tax, 10% off price, etc) as an incentive. Said developer may want to negotiate with some buyers and not others.

As long as you understand that you are dealing with vultures, go right ahead. If more people just stopped listening to their Pinocchio mantras, you would see the cheap ugly inside of a burst bubble

u people are so cynical- concessions at closing are not bad!

stellablue- it is completely normal- even in a great market sellers would do this- and this is better than them offering you a credit on the actual price on paper, bc a building that sells out at high prices will always hold more value, etc..

any new development right now that is half closed is doing this- it protects the people who purchased in peak prices and helps them get certain price points on units which they need for their bank loan-- and while it is confidential the exact amount of negotation, essentially your lawyer and broker will also know what they negotiated on, so these confidentiality agreements are not what they used to be..

Please explain how this works exactly, "offering you a credit on the actual price on paper..." - this may be applicable to a situation I am following and I am curious how a confidential price concession would work. How do they not show the discount in price?

Is this also common in settlements/getting out of contracts?

confi agreement will only last till the filing with the city

So what good would that do? Doesn't the filing happen relatively quickly? Is there no way to structure a deal where you pay the original ask and they rebate some portion in a side letter or such (and I am talking about price, not giving closing costs, etc.)?