Do I have to pay a disposition, processing, and transactional fee to the listing agent of the home I am buying?
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Do I have to pay a disposition, processing, and transactional fee to the listing agent of the home I am buying?
I am purchasing a foreclosed home. The listing agent has sent me a form stating that I have to pay at settlement a $395.00 disposition, processing, and transactional cost associated with this purchase. In the event that the seller (Fannie Mae) does not allow this fee to be placed on the HUD I will be responsible for the fee at closing be personal check or money order within 1 business day of closing to the listing agent. Is this legal, why should I be responsible to pay the listing agent anything?
Asked on July 2, 2009 under Real Estate Law, Ohio
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I think you need to talk to an attorney about this; I think it's usually a good idea to have a lawyer representing you in any real estate transaction, because mistakes can be easy to make, and very expensive to fix. One place to find a qualified lawyer is our website, http://attorneypages.com
If the fee isn't properly on the HUD-1, I would automatically have to question whether or not it's proper for the agent to charge it to you. I can't answer the question because I don't have all of the facts of this transaction, starting with the wording of the form that was sent out.
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I think you need to talk to an attorney about this; I think it's usually a good idea to have a lawyer representing you in any real estate transaction, because mistakes can be easy to make, and very expensive to fix. One place to find a qualified lawyer is our website, http://attorneypages.com
If the fee isn't properly on the HUD-1, I would automatically have to question whether or not it's proper for the agent to charge it to you. I can't answer the question because I don't have all of the facts of this transaction, starting with the wording of the form that was sent out.
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