[WSBARP] This is a new one

[David Williams]

My first thought is if that term in not in the listing agreement, it likely
violates MLS rules.

 

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Richard Holland
Sent: Tuesday, March 15, 2016 12:38 PM
To: WSBA Real Property Listserv
Subject: [WSBARP] This is a new one

 

So I ran across this provision in a RESPA today in a rather 'hidden' spot
somewhat buried amount the standard "Law of Agency/TRID" disclosures.

 

XYZ Real Estate agrees to prepare, process and electronically store the
purchase and sale agreement and other forms that are part of the transaction
for a minimum of five (5) years from the transaction date, and the document
preparation and storage fee for this service shall not exceed $250.00, which
shall be collected at escrow 

I have never seen this done before as it is "in addition" to the commission.
$250 per side to "electronically store" the documents for 5 years?  Really?

 

 

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