conveyance and commission

[bmbi25]

What is the name of your state? Pennsylvania

Me and my ex husband are selling our home and splitting the profits. The real estate agent provided us a copy of the Seller Closing Costs Estimates and it includes his commission and a conveyance charge. Shouldnt the conveyance charge already be included in his commission and what exactly are they paid a commission for doing?

 

[HomeGuru]

What is the name of your state? Pennsylvania

Me and my ex husband are selling our home and splitting the profits. The real estate agent provided us a copy of the Seller Closing Costs Estimates and it includes his commission and a conveyance charge. Shouldnt the conveyance charge already be included in his commission

**A: no. That charge is for the recording the transfer of title or the required State tax. Ask the real estate agent.
**********


and what exactly are they paid a commission for doing?

**A: why are you asking us? Ask the real estate agent that is earning the fee.
Then post back with what he/she tells you.

 

[HomeGuru]

We're still waiting for your post back.

 

[annefan]

The conveyancing fee is an amount brokers usually charge to sellers and/or buyers for performance of certain duties in a real estate transaction. Some examples of duties in which the conveyancing fee covers in my real estate office are:

Ordering fire insurance coverage/provide insurance agent with required information

Order title insurance and review interim title binder and secure mortgage payoff statement, clearing appropriate title objections

Review financing opportunities and assist in application of mortgage

Review title report and assist in fulfilling any special requirements

Distribute title reports to parties requiring copies

Procurement or preparation of new deed

Aid mortgagee in process of mortgage loan, including providing appraiser with comparable sales

Review mortgage commitment and assist in fulfilling any special requirements

Arrange for and notify all parties of settlement

Attend settlement, review of final closing costs, coordination of matters between buyer, seller, lender and title company pending settlement

Assistance in change-over of utilities and arranging final readings


Generally, the conveyancing fee does not exceed a couple hundred dollars. In other words, this fee is just another charge tacked on to the real estate transaction, which dubiously gets labeled "fluff charges".

In response to HG: In Pa, the Recording Fee, the Title Insurance and the Real Estate Transfer Tax are not included in the conveyancing fee (or at least, should be stated as SEPARATE and individual charges on the HUD-1 Statement).

 

[HomeGuru]

In that case, I would advise the writer and any other Seller or Buyer to refuse to pay this fee for various reasons.

 

[annefan]

I agree. Most of these tasks are completed by the realtor, as part of their duties in earning their commissions. As I said, another of many "fluff charges".

 

[HomeGuru]

Yes, an attempt by some Realtor firms to fluff their pocketbooks.