Question Details

Betsie Taber, Real Estate Pro in Sarasota, FL

Who should pay for the cost of obtaining the condo questionnaire? The buying side or the selling side?

Asked by Betsie Taber, Sarasota, FL Wed Dec 17, 2008

I recently sold a condo to a buyer who bought a unit in a condo that was not FHA approved. The "cooperating" selling agent refused to pay for the condo questionnaire even though I argued with her that it should be the selling side that should pay for it since it benefits the buyer. Condo questionnaire are requirements from the buyer's lender. It's exactly the same thing as an inspection or a survey. The buyer has to pay for it. I know that everything is negotiable but I would like to have the opinion of my fellow realtors about who should be theoretically paying for these fees. Looking forward to your comments.

Happy Holidays to you all.

Michel

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Answers

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Normally the buyer pays for it as the buyers mortgage company is asking for it. The buyer agent should find out if the condo is fha approved before writing the offer, if it is not definately make it opart of the offer and have the seller credit the buyer for it or at least pay for it. in most cases the seller splits it with the buyer. The easiest way is to ask beforehand, it saves alot of hard feelings and problems later.... hope this helps
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Wed Dec 17, 2008
In my experience the seller has paid for it. In most cases the Home Owners Association charges a transfer fee for new ownership which the sellers agent should address prior to selling. In the Texas contract there is a section that does address this issue. I would recommend you discuss with your selling agent since contracts vary from state to state.
0 votes Thank Flag Link Tue Apr 5, 2011
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