Property Q&A in Cherry Hill>Question Details

w12, Home Buyer in Cherry Hill, NJ

list fees and charges involved

Asked by w12, Cherry Hill, NJ Thu Nov 1, 2012

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This question was asked from this property: http://www.trulia.com/homes/New_Jersey/Cherry_Hill/sold/9599…

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I don't charge a seller any fee at all for me to list his/her property and manage its marketing and promotion. However, the listing agreement by which a seller hires a brokerage and agent does call for a brokerage fee which typically is (but need not be) payable only upon the successful sale of the property.

The amount of the brokerage fee is not regulated. Rather, it is negotiable. It can be specified as a fixed or flat-fee amount, be agreed to as a variable amount (e.g., most common is to set the brokerage fee as a percentage of the sale price), or be comprised of both fixed and variable components. It is a requirement that a seller offer a brokerage fee to the buyer's brokerage in order for the property to be listing on the Multiple Listing Service. I strongly advise you to discuss how to structure the buyer's brokerage fee with your listing agent as this can and typically does have a dramatic effect on a seller's real estate sales outcome. Beware of hiring any agent who cannot clearly explain how the brokerage fee structure is likely to impact success in achieving a seller's goals in the real estate selling process.

The brokerage fee is one of many fees that are collectively known as the seller's settlement costs. Settlement costs include transfer taxes, fees for filing and recording of documents with the applicable municipalities and government agencies, attorney fees (if an attorney is hired), title search & commitment services, title insurance, notary fees, municipal occupancy and inspection fees, document transmission and courier fees, deed preparation fees, and a fee for having a title clerk preside over the settlement proceedings. (Any others that I may have failed to mention are either exceptional or are neglible in their amounts.) All in all, settlement costs typically total to an amount that is approximately 8 to 9 percent of the price for which the property sells.

Regards,

Jonathan E. Brill, Ph.D.
Realtor Associate
Keller Williams Realty
Beowulf Plaza, Suite 200
1814 Route 70 East
Cherry Hill, New Jersey 08003

GET THE RESULTS YOU DESERVE.
Put my Ph.D. in Marketing and Wharton School
business education to work for you!

Main Office: 856.321.1212
Office Fax: 856.321.1414
Direct Line: 856.685.1956
Cell: 617.872.5580
e-Fax: 775.898.2651

e-Mail: DoctorJ@KW.com
Websites:
http://DoctorJ.KWrealty.com
http://www.SouthJerseyRealtor.net
http://DoctorJ.myKWagent
0 votes Thank Flag Link Thu Nov 1, 2012
Hello W12,
Thank you for your question.
Listing fees are negotiated between the seller and his Realtor. The total charges (Seller's Closing Costs) are based on the selling price. Normally it is obtained by adding several items like Real Estate Transfer Taxes, Realtor Commission, Settlement Fee, Releases, Notary Public, Certificate of Occupancy, Courier, Deed, Lawyer fees, and a few others.
I will be happy to meet to discuss this further.
Best Regards,
Ines De La Cruz, Realtor, ABR, CRS
RE/MAX Connection
To view all the homes in SJ visit http://www.inesdelacruz.com
0 votes Thank Flag Link Thu Nov 1, 2012
Hello, are you asking what charges are involved to sell your residence? Other than the commissions to Realtors (which is negotiable in NJ), there is transfer tax, fee for an attorney to prepare deed and nominal closing costs. Transfer tax is dependent on your age, over 62 there is a huge discount.
I would be happy to work up exact numbers for you if you want to contact me directly and provide me with more information.

Elisa elisa@ElisaDewees.com
856-371-5888
0 votes Thank Flag Link Thu Nov 1, 2012
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