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Updated almost 11 years ago on . Most recent reply

Account Closed
  • jupiter, FL
0
Votes |
3
Posts

Regulatory Compliance Fee - Should Buyer Pay? Also, capping closing agent fees.

Account Closed
  • jupiter, FL
Posted

Hello BP Community,

Just signed a purchase contract as a buyer in Florida. The seller has an agent but I do not as the buyer. The seller's agent prepared the contract, had the owner sign it first, then presented it to me. In the additional terms, the agent added "Buyer agrees to pay (RE Firm) a regulatory compliance fee of $349 at closing." I do not think this is fair since the agent is presumably collecting the additional 3% buyers agent commission. My RE lawyer said absolutely do not pay that, so I crossed it off. Has anyone seen this and what is your take on it?

Also, we added an additional term limiting or capping the closing agent's fee to $395 and agreeing to pay $25 for the simultaneous issue fee. Verbiage said that anything is excess of these amounts will be paid by the seller.

Thoughts or comments on the above? The seller has two days to respond.

Thanks,

Bill

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