[WSBARP] This is a new one

[Richard Holland]

It was added to the Agency Disclosure form from the brokerage.  Looked just like an MLS form but artfully omitted claiming to be one.  And it's not the first one I've seen - agents now saying the buyer will pay an administrative fee etc because apparently 3% isn't enough.  This is just the first time I have seen it buried in the PSA and mention charging the Seller.

We addressed it but sufficient reminder that standard "looking" forms aren't.

Thank you,

Rich Holland
PNWLE




On Tue, Mar 15, 2016 at 2:37 PM -0700, "Robert S Schuck" <rsschuck at ksmlawfirm.com<mailto:rsschuck at ksmlawfirm.com>> wrote:


What form of RESPA is this. I didn't see that in MLS forms
Sent from my iPhone

On Mar 15, 2016, at 12:47 PM, Richard Holland <rich at pnwle.com<mailto:rich at pnwle.com>> wrote:

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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