“Hi Gary. I made an offer on a condo last week. The agent wrote in that I had to pay their company a $395 transaction fee? I didn’t get what that was for. Do you know?”
***ANSWER:
Some real estate agents and/or firms charge clients an extra fee they call by various names, such as “transaction fee”, “transaction coordinator fee”, or “processing fee”. They typically range form $250 to $600.
It pays for a person who handles the mountain of paperwork involved in a sale.
To put it in perspective, when I started in 1984, the contract was two pages long (one mostly blank!) and the file was 1/4″ thick by closing.
Today, contracts are often 15 pages long (plus dozens of disclosures and reports) and files 2” thick.
FYI, I do not charge a transaction fee.
Buying A Home In San Diego
