What is the name of your state? Michigan
Hey, HomeGuru, and others.
Interested what you think about this situation.
I have an investor client which I represent as a buyer, and this particular savvy investor, who is responsible for over 30 closings a year for me, recently started demanding the closings be held at a title co. of his choice.
To Clarify, he realizes that the seller pays for title insurance for him, and he doesn't have a problem with the seller choosing the title company because the seller is paying. What he does have a problem with is with that particular title company also handling the closing at with a $200.00 closing fee. This charge has customarily been a charge that the buyer pays.
My investor is paying cash, and he has a relationship with a title company that will handle the closing only, even with the title policy from the other title insurance company. They will handle the closing for $100.00 and my investor will pay. He wants me to instruct the seller's agent that my buyer will not pay the closing fee, unless he chooses who will handle the closing.
I spoke with the other Broker, and the reason the buyer pays the closing fee is because it has "always been done that way". Well that did it for me, I hate that type of reasoning.
I've read the Purchase agreement I use, and it does not address this particular issue at all.
Currently on all my transactions I have started putting an additional phrase in the exceptions which basically states that if the seller has a fee, then the seller can choose the vendor, and if buyer has a fee, then buyer can choose the vendor.
The other Broker is very upset with me because I can't make my buyer go along with "tradition". Well, since this guy pays cash, and is responsible for 30+ closings a year, I'm not going back to him with "Tradition" says you must pay.
What do you think? Good buyer broker, or troublemaker?
Hey, HomeGuru, and others.
Interested what you think about this situation.
I have an investor client which I represent as a buyer, and this particular savvy investor, who is responsible for over 30 closings a year for me, recently started demanding the closings be held at a title co. of his choice.
To Clarify, he realizes that the seller pays for title insurance for him, and he doesn't have a problem with the seller choosing the title company because the seller is paying. What he does have a problem with is with that particular title company also handling the closing at with a $200.00 closing fee. This charge has customarily been a charge that the buyer pays.
My investor is paying cash, and he has a relationship with a title company that will handle the closing only, even with the title policy from the other title insurance company. They will handle the closing for $100.00 and my investor will pay. He wants me to instruct the seller's agent that my buyer will not pay the closing fee, unless he chooses who will handle the closing.
I spoke with the other Broker, and the reason the buyer pays the closing fee is because it has "always been done that way". Well that did it for me, I hate that type of reasoning.
I've read the Purchase agreement I use, and it does not address this particular issue at all.
Currently on all my transactions I have started putting an additional phrase in the exceptions which basically states that if the seller has a fee, then the seller can choose the vendor, and if buyer has a fee, then buyer can choose the vendor.
The other Broker is very upset with me because I can't make my buyer go along with "tradition". Well, since this guy pays cash, and is responsible for 30+ closings a year, I'm not going back to him with "Tradition" says you must pay.
What do you think? Good buyer broker, or troublemaker?