your realtor fiduciary duty and contracts

your realtor fiduciary duty and contracts

Investor · Port Charlotte, FL · Member since 2017 · 58 posts · 35 votes

So I closed on on the property last Friday and discovered in my closing  disclosure I was going  to PAY for Title Insurance,  Settlement fee, title search fees and lean search fee which racked up about another 1k on top of my 15k of commissions. when I questioned why I was paying this my realtor said it that is this was normal practice for the seller to pay this?? it was in my contract. ( at the time of signing it, he did not verbally make that clear to me) so I missed it.  If I new that I was going to pay the additional fees I would have negotiated differently. the escrow company and my realtor acted like I was weird for questioning  their fees. Can you shop around for this type of service? or is there a standard rate in the state of Florida? Can I file a complaint to the realtor association?

Lesson Learned... know your contracts better than your realtor!

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  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    8y

    In my market the buyer pays those closing costs. Seller pays commissions and splits the transfer tax with buyer. Title costs are on the buyer side.

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y

    Every state and local is different, but more than likely what you paid are standard fees. A Flordia agent here can likely enlighten you.  Typically the standard realtor contracs are written to reflect local customs and laws.  $1k in fees to the seller would actually be very very low in my market.

  • Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    8y
    They are typical fees. While you probably could have shopped around, most people don’t and it probably wasn’t in the realtors mind why you might or would. In PA, there’s an actual doc that we sign explaining what services are fixed, and which services you can shop for. Inspectors, insurance are typical ones that people shop for. Title companies, rarely. But now you know!!!
  • Investor · Port Charlotte, FL · Member since 2017 · 58 posts · 35 votes
    8y

    Thanks for your replies.  Word of advice,  when you have a dispute with your client , never throw it in their face " well it was in the contract" . Any good realtor should feel obligated to be very clear about what is in the contract. Agreed?

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