im buying a brand new house in nyc. my mortgage broker gave me a list of buyer's fee and seller's fee. and under seller's fee, it has nyc tax and transfer tax. the total is around $15,000 under seller's fee. my broker told me im responsible for seller's fee also in addition to the buyer's fee.
is this true..if yes, why does it even have the title seller's fee than? why dont they put all the fees to the buyer's fee heading then?
2007-11-02 03:58:03 · 4 answers · asked by seafood10 3 in Business & Finance ➔ Renting & Real Estate
It all comes down to the purchase contract. Whatever the purchase contract dictates as to who is paying what fees is negotiated at that time. As you state this is a brand new home I suspect the sales agent works for the builder and negotiated a contract in the builders best interests- not yours. The mortgage broker has no control over who is paying the fees- they are only going off the purchase contract.
2007-11-02 04:40:49 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
It's not a requirement that the Buyer pay the Seller's fees; but it happens a lot any way. Sometimes the Seller won't sell unless the Buyer agrees to pay their fees. On the other hand - there are times when the Seller agrees to pay all fees - including the Buyer's fees. This usually happens when the Seller is really wanting to get rid of the property for whatever reason.
If you don't want to pay all the fees - negotiate. If either the broker or the seller insist - walk away. Find another place to live. There's always the chance if they see their deal walking away - they'll work with you.
2007-11-02 04:10:44 · answer #2 · answered by wibelle37 4 · 1⤊ 0⤋
It is the case that a lot of time the Buyer will pay both the Buyer and the Seller's fees. However, that is uually the case when the Buyer is looking to get out and gets an asking price in the range that they get to make a bit off of the sale. If the Buyer is not in a hurry to get out, then go ahead and negotiate the Seller's fees. If your broker insists on you paying the Seller's fees, find another broker. Always remember: The Broker works for you.
Good luck
2007-11-02 04:04:59 · answer #3 · answered by barchanon 3 · 0⤊ 0⤋
It's all down to whatever you negotiate with the seller. If your broker is telling you that YOU have to pay this fee, get a new broker. You're either dealing with an idiot or someone with dubious motives -- say an illegal kickback outside of escrow.
Remind the seller AND your broker that this is a BUYER'S market and you will NOT be picking up the tab for any usual and customary SELLER'S costs. Then ask for the seller to pay YOUR closing costs (very doable in a buyer's market!) and see what he has to say!
2007-11-02 04:13:04 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋