So today we are talking about Real Estate Fees For Seller and What are seller concessions? and if their sellers are selling that there is a fee involved with that and kind of what that fee is about.
- What does the seller size settlement fee
- Tracking down any lien releases
- Conduct the closing on behalf of the seller
- Help wire in conjunction with the lender to wire transfer of funds to the seller after closing
- What are seller concessions?
- So how does it work?
So every title company charges a seller side settlement fee because we work on behalf of the buyer and the seller. We do not represent the buyer or seller.
We represent the contract of sale but we work on behalf of both parties getting them to closing.
What does the seller size settlement fee
Well, one it’s for us to execute in terms of conditions of the purchase contract on behalf of the seller. Right the buyer has terms the seller has terms. We work with everybody to get that all completed or during the payoff.. yeah for the payoff.
Tracking down any lien releases
We see title issues all the time or there’s maybe an unreleased trust or some other lien that we have to get that released. So that when the new buyer takes ownership of the property. That they own the home free and clear right we want to make sure that that’s taken care of.
Followed up to ensure that the lender has released that lien. That’s super important, So we work in conjunction with the lender to make sure that they do that.
Conduct the closing on behalf of the seller
So obviously a buyer signs documents just to close our transaction. So does the seller. Yeah, seller documents are they’re far less.
But they still need to have somebody sit with them explain to them what it is that they’re signing and get the transfer of the title from the seller to the buyer.
Help wire in conjunction with the lender to wire transfer of funds to the seller after closing
So obviously if a seller selling their home and there are proceeds. We see that on the closing disclosure. Proceeds are you know money to the seller.
We need to make sure that we get that money wired into their account. Real Estate fees for Seller charge a 450$ fee in Maryland to make all that happen.
Of course, there are other things that we do that can come up in the process that allows us to have to do a lot of additional work on behalf of the seller.
Real Estate Fees for Seller
What are seller concessions?
Simply put, seller concessions are a term, a dollar amount or a gift of some sort, that a seller’s contractually giving to the buyer of their home.
So how does it work?
Well typically, when a buyer is making an offer on their home, there are several terms in the offer that they’re making.
Everybody focuses on the selling price of the home or the offer price. And yes, that’s often the most important thing for both parties.
But they’re a lot of other terms included. What days are gonna close, how long do they have to inspect the home? Are they gonna get title insurance?
Now a seller concession could be a seller agreeing to any of those terms, that they might not otherwise want to. Conceding the right for the buyer to get whatever it is they’re asking for.
Typically, a seller concession has to do with a dollar amount. When I think like a real estate agent, what is a seller concession? It usually revolves around money.
So a seller could concede a dollar amount to contribute towards a buyer’s closing cost, which could be one form of a seller concession.
Or a seller could choose to reduce their price, which could also be a seller concession. Usually, this comes after the inspection period.
So a buyer makes an offer and they agree with the seller on all the terms, the buyer inspects the home and they find a few things wrong with the home, and they ask for some seller concessions.
Either a dollar amount credited to the purchase price, a dollar amount credited to their closing costs, or for the seller to fix whatever it is they found.
Those are the most typical examples of what are seller concession is, and they happen all the time. Hopefully, you found this helpful.