So I moved to a new area in Florida. I found a condo that I was interested in on Zillow and called the realtor who had it listed to show it. I ended up not buying that condo and this realtor showed me properties three more times. I was new to this area, having just relocated from another state. Almost all of the properties shown to me were properties I found on Zillow. I ended up putting an offer in on a property I found on Zillow, in an area that she had never even shown me, through her which was accepted. She was not the listing agent on that property. I am supposed to close on it next week. She has just emailed me about some paperwork and added " ( insert name of her company) does charge a $195 transaction fee to maintain files for buyers." Payable by me.
So now I am supposed to pay her $195. Has anyone else heard of this? Also, shouldn't she have told me this upfront? It is in Florida if that makes a difference.
FAQs
Also known as “broker service fees” or “administrative fees,” transaction fees are costs associated with closing a real estate deal, says Mike Higgins, an agent with the Caleb Hayes Real Estate Group in Green Bay, WI. This fee covers the cost of things like document storage and management.
What percentage do most realtors take? ›
What percent commission do most real estate agents charge? The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.
What are estate agent fees? ›
Estate agent fees typically range from 1% to 3.5% of your home's sale price, but you can find estate agents who offer flat-fees. Only the seller pays the agent's fee - usually after your home has sold.
Do buyers pay realtor fees in NJ? ›
Usually, sellers pay the Realtor commission in New Jersey.
Can you avoid transaction fees? ›
Get a Credit Card Without a Foreign Transaction Fee. Open a Bank Account Without a Foreign Transaction Fee. Exchange Currency Before Traveling. Avoid Foreign ATMs.
Why am I being charged a transaction fee? ›
This fee is charged by credit card companies for each transaction initiated through their card. It comprises a small percentage of the transaction, including an additional flat fee on every transaction. This small percentage varies depending on the issuer of the card, the kind of card being used, and so on.
What is the 80 20 rule for realtors? ›
The 80/20 rule in real estate, which suggests that 80% of your results come from 20% of your efforts, is a principle worth embracing. By focusing on the most effective strategies and prioritizing tasks accordingly, you can maximize your productivity and achieve greater success in your real estate endeavors.
What is the most common commission split in real estate? ›
Typical commission splits include 50/50, where the broker and real estate agent receive equal sums of money from a commission split, but they can also use the 60/40 or 70/30 split options. In these situations, the real estate agents get a larger sum of the money than the brokers.
How much money do most realtors make? ›
Real Estate Agent Salary in California
| Annual Salary | Monthly Pay |
|---|
| Top Earners | $126,817 | $10,568 |
| 75th Percentile | $98,700 | $8,225 |
| Average | $85,825 | $7,152 |
| 25th Percentile | $59,200 | $4,933 |
There are many to choose from if you want the cheapest estate agent fees uk, including:
- Sold.co.uk - £0 base fee to pay (includes photos/floorplan and viewings)
- 99 Home - £99 base fee to pay (DIY package and advertising on some property portals)
- Griffin Property - £249 base fee to pay (DIY service to sell your home)
A paying agent fee refers to the portion of the trustee fee that is designated for the paying agent. The specific amount of this fee is typically agreed upon between the trustee and the paying agent.
What are estate charge fees? ›
A service or estate charge covers the costs of services required to manage and maintain the building and public spaces. This usually includes: Ongoing maintenance and repairs. Cyclical, longer term redecoration or maintenance.
Who pays closing costs in NJ? ›
In New Jersey, as in most states, it's common for both the buyer and seller to have their own closing costs during a home sale. It's typical for sellers to pay for the real estate agent commissions, transfer fees relating to the sale of the home, and (in some cases) their own attorney fees.
What is the NJ real estate commission? ›
Established in 1921, the New Jersey Real Estate Commission (REC), a division of the New Jersey Department of Banking and Insurance, was created to administer and enforce New Jersey's real estate licensing law, N.J.S.A.
How much is the realty transfer fee in NJ? ›
Understanding Realty Transfer Fees
This means that the seller must pay 1% of the sales price upon recording the deed. The RTF is usually collected at the real estate closing by the legal representatives or title insurance agents responsible for recording the deed at the county registry offices.
What is the purpose of a transaction fee? ›
Transaction fees are the expenses that businesses need to pay to their payment service provider every time the provider processes an electronic payment for a Card Present or Card Not Present transaction. Transaction fees can vary slightly, depending on the payment service provider.
How can I avoid brokerage transfer fees? ›
Most brokerages charge a fee to transfer or close your account. Some brokerages will offer to reimburse transfer fees incurred by new customers. In general, you can avoid or minimize brokerage account fees by choosing an online broker that is a good match for your trading and investing style.
Why am I being charged a brokerage fee? ›
A brokerage fee is a fee or commission a broker charges to execute transactions or provide specialized services on behalf of clients. Brokers charge brokerage fees for services such as purchases, sales, consultations, negotiations, and delivery.
Why do transaction fees exist? ›
These fees exist for various reasons, but the main reason is to reward the miners for validating the transactions. When users send a transaction to the Blockchain network, it is verified by the miners, who use their computing power to unlock new blocks in the Blockchain network.
