0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Who pays for the title examination the buyer or seller of real estate?
Practices may vary in different jurisdictions. Generally the buyer's attorney arranges to have the title examined and the buyer pays the fee as part of their closing costs. However, if a title defect is disclosed and further research and corrective work must be done those costs are shifted to the seller. The issue could also be negotiated whereby the title exam cost is paid by the seller.
What is IMFPA?
Irrevocable Master Fee Protection Agreementwhere you as buyer's or seller's mandatatry, who signs this IMFPA with either the seller or the buyer for claiming your commission.
What are the documents used in home trade?
Letter of enquiry1. It is sent by the buyer to the seller to find out about goods required - theiravailability, their prices and the terms of payment.2. It informs the seller of the goods required, the quantity, the time and the termsof delivery.3. The buyer may write letters of enquiry to several suppliers to request forquotations so as to compare prices and terms of payment.QuotationIt is sent by the seller to the buyer to inform the buyer of goods requested, giving all the relevant information: types of goods, their brands, their respective prices, the terms of delivery and the terms of payment.
Who establishes real estate commission rates?
In the traditional and dated way of selling a home with a real estate listing agent the seller signs into an agreement with a list agent and the seller typically agrees to pay 5-6% of the sales price to the list agent. The list agent then advertises the property in the MLS and typically offers 2.5%-3% to buyer's agents (essentially splitting the commission). This attractive offer usually entices buyer agents to show the property. Keep in mind that the buyer's agent (and list agent in this example) only get paid ifthe seller accepts the offer and the property closes.Again, with homevana - a modifed way of For Sale By Owner, there is never any list agent commission or fee's and seller's are free to choose a commission to offer to buyer's agents. Keep in mind again that seller will only be required to pay a buyer agent commission if the offer is accepted and when the property closes.With homevana (new FSBO) seller's are free to negotiate with any and/or multiple potential buyers - meaning a seller can reject, counter or accept any offer they like using our online negotiation tool. Seller's that offer a reasonable commission to buyer's agent will likely have more agents showing their clients the home and the law of large numbers would imply that more showings should potentially lead to more offers. Although sellers only need one buyer, having multiple offers may yield to a higher final sales price and more money for the seller.Back to the debate on commissions: If a seller offers a low amount of commission or no commission at all to buyer's agents what could happen is that agents simply will not show or present the home to clients at all (most people won't work for free). No showings may lead to no offers. No offers means nothing to negotiate. Keep in mind that paying a commission is just simple mathematics - it doesn't necessarily mean you are getting less money. For example, lets say a house is listed at $100,000. Two offers come in, one from a buyer directly with no agent/no commission for $90,000 and another offer from a buyer with an agent/commission to be paid if accepted for $105,000, each offer equivalent in other terms. The offer of $105,000 less the buyer agent commission of lets say 2.5% is still much greater than the offer of $90K (105,000 X 0.975 = $102,375). Logic/mathematics would say go with the better offer!Lets do another example with the same property listed at $100,000: Offer comes in from a buyer with an agent at $97,000, no other offers. With homevana the seller is free to accept or reject or counter any offer. Going back to simple mathematics if $97,000 less the commission of say 2.5% is just not acceptable then a counter offer may be a great option. If the offer is countered at say $103,000 then the seller would be getting more than their asking price essentially having the buyer pay the commission via an increased price (103,000 X 0.975 = 100,425).In today's world when a property is posted on MLS the MLS system then automatically syndicates the property out to several if not hundreds of consumer sites such as zillow, trulia, realtor.com, Redfin, Ziprealty, Yahoo Real Estate, MSN and many others. These sites are where most consumers, as opposed to buyer agents, are likely going to find properties for sale. Upwards of 90% of buyers are now finding their homes online. Even though 90% of homebuyers are finding their homes online without the help of an agent, Ninety-one percent of home buyers who used the Internet to search for a home purchased through a real estate agent.
What is the maximum per diem a seller can charge a buyer in a Real Estate transaction and how is it calculated?
What are you charging them for. They are purchasing a piece of property at the price you come to an agreement on. Other fees can also be including but they have to be listed seperately, so when the title changes hands the total cost to the buyer is indicated in the said columns, that come from all the costs incurred from the sale. Per diem is a term that means DAILY. People draw up contracts in all different terms but I never heard of any buyers paying a daily fee in a aquisition transaction. What exactly is it that you are seeking the buyer to pay to you. When a closing date is set and the closing doesnt happen usually the contract is cancelled unless the parties decide to mediate to keep the contract open....
When you using pay pal do you pay?
The 'buyer' doesn't - but the 'seller' pays a fee for accepting Paypal payments.
What is a homeowners association estoppel fee?
This is a fee charge by the HOA or Property Management Co. to remove one owner from (typically a seller) and add a new owner into (typically a buyer) an HOA. In NW Florida it's around $30-$50.
Who pays for the title examination the buyer or seller of real estate?
Practices may vary in different jurisdictions. Generally the buyer's attorney arranges to have the title examined and the buyer pays the fee as part of their closing costs. However, if a title defect is disclosed and further research and corrective work must be done those costs are shifted to the seller. The issue could also be negotiated whereby the title exam cost is paid by the seller.
What is IMFPA?
Irrevocable Master Fee Protection Agreementwhere you as buyer's or seller's mandatatry, who signs this IMFPA with either the seller or the buyer for claiming your commission.
Why was the full sale amount not credited to my PayPal account after selling an item on eBay?
There is a "seller's fee" charged on transactions. You as the seller get what is left after deducting this fee from the amount the buyer payed.
can an REO SELLER/ BANK charge a buyer "per diem" when the buyer is using an FHA loan ?
Yes, a REO seller can charge a buyer per diem interest when the buyer is using an FHA loan. A per diem fee can be around $150 per day.
How do you keep seller and buyer from contacting each other when brokering a deal as the middleman?
What you can do is tell your 'end buyer" if he goes to the seller and tries to cut you out of the deal you will never bring him another property again. I would assume you would have something in writing that would protect your fee. It could be a finder's fee, a birddog fee, marketing fee, etc. You did not say if you were licensed or not.
How to draft anOffer letter to purchase a vehicle?
Puspakom inspection fee agree pay by SELLER and JPJ transfer of ownership fee pay by buyer.
How is a buyer's agent compensated?
This may vary by state, but in most markets the buyer's agent's commission is paid by the Seller. In some markets a buyer's agent may charge a retainer fee to a buyer client for their services.
Can an HOA refuse to issue an estoppel letter?
Yes, an HOA can refuse to issue an estoppel letter if certain conditions are not met. These conditions typically include unpaid fees or violations of HOA rules. It's important to review the HOA's governing documents to understand the specific circumstances under which they may withhold an estoppel letter.
Who pays the brokers commission when purchasing a commercial building?
Listing agreements usually call for seller to pay broker commissions in a sale transaction. And if there is also a buyer's broker, for a "cooperative" fee, also paid by the seller. If there is no listing agreement the parties may be free to negotiate anything they want, but custom in the locality may dictate the outcome.
What is an estoppel fee?
The correct term is estoppel letter. An estoppel letter is prepared and signed by the HOA that states any common charges or special fees that are due on a unit up through a certain, stated date. The party that requested it can rely on the amounts owed and the HOA is legally bound by the amounts listed. HOAs do charge a fee for providing estoppel letters.
