Realtors,

             I wanted to email you regarding a very frequent question I’m asked, as well as something that is becoming more common in our marketplace. 

 

We are seeing more and more frequently that listing agents are asking Buyers to pay the listing agents company’s processing fee.  This practice is a violation of RESPA.  Per the Florida Association of Realtors.

“Where a listing broker, who has no relationship with a buyer, requires the buyer to pay a transaction fee, it would be an unearned fee under RESPA as the buyer would not obtain any benefit from the services provided by the listing broker.”

 

So please be vigilant on addendum's provided by listing agents to you and your buyers as this is where it is most likely to be.  You will see this primarily on short sales and foreclosures. 

 

Thank you and have a great day!!!