Home Buying in 33021>Question Details

hcolon22, Home Buyer in Hollywood, FL

What is regulatory compliance fee?

Asked by hcolon22, Hollywood, FL Wed Jun 5, 2013

Help the community by answering this question:

Answers

3
We are buying a condo in Florida and receive a buyer's estimated cost from our realtor. She told us that there would be a closing cost fee of $150.00 & HOA fee of $150.00. There is a $195.00 regulatory & complaince fee on this paper. Are we responsible for this fee? Also, I thought that it was the seller's responsibloty to pay for closing cost. We did not agree to pay any closing cost.
Please let me know right away since we are to close on Monday, Dec. 2nd.
Thank You
0 votes Thank Flag Link Mon Nov 25, 2013
Dear hcolon22,

In response to your question, What is a regulatory compliance fee?

These fees and/or additional charges may be imposed to customers by some real estate brokerages, and they are added into your closing costs or as part of your exclusive brokerage agreement once entered into by both parties. Usually, these fees that are being assessed by those real estate firms are used to cover some of their administrative work or operating costs.

If you need the services of a real estate agent, you should always ask them If their brokerage firm imposses some of these extra fees and who is to pay them. Most real estate brokerage firms do not charge any additional fees or charges for their services and you should continue to shop around until you find the right real estate firm willing to assist you.

I am the broker/owner of my firm and I do not charge any additional fees to my clients... If you are in need of real estate services, feel free to contact me at any time.
0 votes Thank Flag Link Wed Jun 5, 2013
H,
It's an overhead cost for required record-keeping that some real estate brokerages pass along to their customers. There is no set amount for this fee.
0 votes Thank Flag Link Wed Jun 5, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer