Posted by Redline on June 08, 1999 at 12:19:56:
Agreed - but however alienated the realtor gets they are still bound my an agreement to represent their client. If the client annoys them (which happens all the time) - they just have to grin and bear it. Usually the realtor wants the property to close almost more than the seller does - cause it’s payday!
RL
IS THIS LEGAL OR WHAT ? - Posted by Mrs. Elizabeth Merrill
Posted by Mrs. Elizabeth Merrill on June 07, 1999 at 19:22:56:
My house is in escrow at the moment. I have not signed the
escrow instructions yet… Item F on the escrow instructions
states that a fee of $250 will be paid to my listing broker
as “client services” from escrow. Since these are escrow
instructions ( instructions to the title company ), can
I just strike Item F, from the instructions, and therefore
not pay such a “bogus” fee to my listing broker ( D.R.E.
says they have never heard of such a fee, especially coming
thru the title co. at escrow, back to the listing broker) ?
Liz
Re: IS THIS LEGAL OR WHAT ? - Posted by hkCA
Posted by hkCA on June 08, 1999 at 11:21:48:
Mrs. Merrill,
I applaud you for taking the initiative to check your closing documents carefully. There are often mistakes that can be costly if not caught.
I recently sold a house and used an escrow company that I was not familiar with. Two days before the close I requested a preliminary closing statement. It showed charges to me in excess of $1300 that I shouldn’t have had to pay. Now I don’t know if these mistakes would have been caught at the closing if I hadn’t brought them to their attention, but I’m betting at least some of them would have slipped through the cracks.
It pays to understand and check what you’re being charged for.
hkCA
Are you sure that you are paying the fee or is the buyer? - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on June 08, 1999 at 08:58:27:
Here in my neck of the woods it is standard for the selling office to perform some services for the buyer such as ordering title insurance, preparing the deed, etc. Although the selling office is generally working for the seller technically - it is disclosed up front and agreed that the agent may perform some service for the buyer and be compensated by the buyer. They are always waived if the buyer doesn’t agree to them although most buyers don’t know enough to object.
Re: IS THIS LEGAL OR WHAT ? - Posted by Rob FL
Posted by Rob FL on June 07, 1999 at 21:07:46:
These fees are a new thing. Several realtors here have used them to cover advertising costs and things like that. In Florida, there is some recent litigation involving this very subject. I am not sure the outcome of it though.
If the fee is mentioned in your listing agreement, then you probably owe it anyway. If it is in some escrow agreement, then the realtor probably can’t enforce it. However, if you don’t pay it you will probably alienate the realtor. Kind of a catch 22.
Presumably, you siged a listing agreement . . . - Posted by JoeKaiser
Posted by JoeKaiser on June 07, 1999 at 20:29:56:
What does it say?
Joe
Re: IS THIS LEGAL OR WHAT ? - Posted by JohnBoy
Posted by JohnBoy on June 07, 1999 at 19:29:35:
I would cross it out before signing it.
Better yet? Ad a clause to that item that says the broker agrees to except $250 as payment in full which includes any and all commissions due to the broker for services rendered! See how the broker likes it! LOL
Re: IS THIS LEGAL OR WHAT ? - Posted by Redline
Posted by Redline on June 08, 1999 at 11:25:17:
Who cares about alienating a realtor? There’s tons of them.
RL
Re: IS THIS LEGAL OR WHAT ? - Posted by Rob FL
Posted by Rob FL on June 08, 1999 at 11:53:17:
If she were the buyer, I would admit it and say who cares. But she is the seller and has a signed listing agreement with the realtor for a stated time period. In addition, her house is currently in escrow moving towards closing.