[WSBARP] This is a new one

[Richard Holland]

The claim was that it was mandatory and that the office should have charged each party $250 at closing.

Thank you,

Rich Holland
PNWLE




On Tue, Mar 15, 2016 at 2:26 PM -0700, "Bryce Dille" <BryceD at cdb-law.com<mailto:BryceD at cdb-law.com>> wrote:

By law the DOL requires they keep it 3 years at no cost. The brokers I represent have publications from IRS requiring they keep the records 7 years. It's not clear from the post if this is a service they will provide or is it mandatory and does it apply to both buyer and seller?

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Bryce H. Dille
Campbell, Dille, Barnett & Smith,  PLLC
P.O. Box 488
Puyallup, WA  98371
Voice:  253.848.3513
Fax: 253.845.4941
bryced at cdb-law.com<mailto:bryced at cdb-law.com>

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of David Williams
Sent: Tuesday, March 15, 2016 12:57 PM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] This is a new one

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> [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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