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Sometimes these are called "Transaction Coordinator" fees. My office used to hire a person to handle all the paperwork. Sometimes a completely independent third party who is there to make sure everyone signs all the right disclosures, etc.
If that's the case, you can ask your Realtor to split the TC cost with you or pick it up altogether.
Mentor
I bought last year and my contract had something like that. I asked them to remove it and they did. It’s pretty ridiculous to charge you a fee to “convey the property”, the realtor doesn’t do that, the escrow company does that.
Mentor
To be clear, it wasn’t in Pennsylvania. I didn’t have to threaten anything. They just took it off. 3% of the sales price is plenty.
A lot of listing won’t give the buyers agent 3%, sometimes only 2.5 percent
Ask what happens in this case
Thank you!! I’m going to make sure this is agreed upon
Following up again, yea it was called conveyancing fee $395
Now im annoyed bc i asked for this to be removed and they said they cant. FOLK always trying to get over on my demographic(s)
FWIW, I went back to my master statements from my last two home purchases and I didn’t see any fees like that charged to me.
Bought in PA last year and haven’t heard of this.
I had realty fee as part of closing costs, i asked them to take it down and they did
Thank you appreciate that!! I’ll dig deeper.
I would ask them to remove it. The agency will just take it out of the individuals agents commission.
This is super helpful thank you! I’ll try that!
Yeah, second the request to remove. They should have let you know up front. This is more common when home prices are lower.
The houses we are looking at are 400-600k. Assume it shouldn’t have that fee?
State and city tax stamps is also so wild in PA/phila. Be prepared for that since you are buying in the half million range
I’m buying in the suburbs and think it’s 1% state and 1% muni but wow 3.27% in Philly is crazy!
Thank you for the input. Is it worth trying to push back or just find a new agent who doesn’t charge that?
Okay mine was Space & Company
This is common. I’m the grand scheme of things, especially the cost of a home, it’s not a big deal. This fee goes to supporting all the things your agent and their brokerage firm do behind the scenes.
Subject Expert
I agree that it’s common that they try to get an additional $500. Maybe if you are buying under $200k it makes sense. But when you are spending $500k, they are making $15,000. How many hours are they putting in to make that much? I’m willing to pay $100/hour to my realtor. So, are they spending over 150 hours on you? The last house I bought was $850k. The realtor showed me maybe 7 houses. We made 2 offers before we got the 3rd house. The realtor had an assistant that came to the houses to show them to us. All in they probably spent 15 hours at the most. For that they got $17.3k. (2.8% commission as is standard in the area and I got a 23% rebate). So something a bit over $1000/hour. My view is that’s more than those services should have cost.