“Junk” Fee, Or Legit in a Home Sale?

May 16th, 2009 category: Real Estate News, Real Estate Philosophy

While “administrative fees” are a relatively new addition to a real estate transaction, the following article calls into question the legality of such fees.

Historically, the commission agreed to between a seller and buyer included the administrative aspects of a purchase, and there was no addition for miscellaneous (and vague) fees tacked on by the broker.

With most transactions handled by lawyers, there is little in the way of “admin” fees that would seem to apply in a NY real estate transaction; the paperwork is not handled by real estate firms on the east end the way that it is in other states. Even in states that handle these aspects, “administration” fees were not present until the last few years.

Not all companies charge them, and it may turn out that such a fee has been deemed illegal.

If you’re seeking to buy or sell a home on the East end/North fork of Long Island, and this fee is introduced, it might be wise to question it- additional fees in real estate aren’t an arbitrary decision, as the courts have recently decided.

As consumers, awareness is everything in real estate!

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re a qualified buyer looking for a foreclosure on any part of Long Island, we’ll help you find it.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include

Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

This entry was posted on Saturday, May 16th, 2009 at 12:41 am and is filed under Real Estate News, Real Estate Philosophy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Quick Search

Links