How much do you pay a realtor who is only going to handle the closing of a sale – no listing, showing, etc?
December 27, 2009 - 4:00 am
I have a realtor who I’d like to "officiate" at the closing of my condo sale. He hasn’t had to list or show or anything like that…I just want him to handle the transaction itself since he’s licensed and I don’t have a lot of experience in this personally. What is a fair amount of compensation (ideally, a flat fee?) Has anyone done something similar? Thanks!
Why isnt this being handled in a title office or lawyers office? A realtor knows little about the financing aspect of a closing. You might want to reconsider.
December 27th, 2009 at 9:25 am
you don’t need a real estate agent to do that. Offer 4% to buyer’s agent and let them do all the work. Once a contract is ratified, all the work goes to the title company (which the buyer chooses).
But if you want representation (review contracts, etc), you should get an attorney to do it for a flat fee.
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December 27th, 2009 at 9:37 am
Why isnt this being handled in a title office or lawyers office? A realtor knows little about the financing aspect of a closing. You might want to reconsider.
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December 27th, 2009 at 10:25 am
He cannot represent you as a lawyer. The escrow officer can probably explain everything that you need. In many states, the seller prepares the closing statement (HUD-1), the deed, gets the required well,septic, survey, termite inspections and clears and local city, state or county transfer tax certificates.
The best thing to do is to ask him what he expects for compensation and then make certain that his services are legal, and that he is qualified to perform those services…in ILLINOIS HE WOULD NOT BE ABLE TO. In Indiana he could. Common sense suggests that any contract for services be in writing so that both parties know what is expected of them. Attorneys in Illinois charge from $290 to $450 to do the above and to review the contract, negotiate midifications after the home inspection and schedule and attend the closing.
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Illinois Realtor
December 27th, 2009 at 10:37 am
get a lawyer better advice and probably cheaper
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