Home Buying in Las Vegas>Question Details

rogercn, Home Buyer in Las Vegas, NV

Are "documentation holding fees" normal in Las Vegas, NV?

Asked by rogercn, Las Vegas, NV Thu Apr 17, 2014

My husband and I just signed a contract with a real estate agent in Las Vegas, NV and they said there was a $595 documentation holding fee that we pay at the end. I thought this was normal until afterwards we talked to some of our friends who said they had never heard of this kind of fee and that they didn't ever pay it when they bought a house. We're new to Vegas and this is our first time buying a house so we were just wondering if this fee is normal and if it's usually so much. Do we have 3 days to get out of the contract or is it too late? The realtors haven't done anything for us yet so we haven't wasted too much of their time.

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5
There are several companies in Las Vegas that charge a "Documentation Fee".. In my opinion, just another way to get some money from you.

My company, http://www.DeremerRealtyGroup. does NOT charge these extra fees.

Best regards
Garry
Owner, DeremerRealtyGroup.com
702-497-2262
0 votes Thank Flag Link Fri Jan 16, 2015
This fee is very common. Most Brokerages require it, some agents try to pass it on to the client and some agents pay for it themselves. Even If you have already signed a buyer broker contract you still may have options.

Always moving forward,

Joshua Holmes
702-338-6496
josh@vegasholmes.com
http://www.vegasholmes.com
0 votes Thank Flag Link Tue Apr 22, 2014
Hi Roger,

This is actually the norm in Las Vegas, and all major brokerages do charge some sort of fee per transaction that the agents must either collect from their clients or they end up paying it themselves. (After the split with the broker the agent may end up making almost nothing if they pay for this fee unless the home is quite expensive.)

The fee is variable by brokerage, however. Our company charges $350, which is one of the lowest in town. I am assuming you signed a buyer brokerage with this agent? You will have to read the terms of the contract to find out if you have the right to cancel. But again, a fee like this is very common in Las Vegas.

Hope this helps!

Diann Tonnesen
Prudential Americana Group Realtors
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Fri Apr 18, 2014
Roger,
This is a fee that is imposed by the broker. If you object to your agent, your agent will very likely pay this FOR YOU. The broker chants to the agent, "Get it from the client." This is entirely a revenue augmentation scheme of the BROKER, which no agent likes.

My broker does exactly the same thing, and I do pay the fee because it is simply immoral.

Do you know what i really ironic?
Most brokerages are PAPERLESS!!!!! Do you see my point?
0 votes Thank Flag Link Fri Apr 18, 2014
Thank you Anette. Is the broker the company he is working for?
Flag Fri Apr 18, 2014
All fees are listed out in your agreement with your agent. Different companies may charge this fee. I've heard it called document holding fee, admin fee, brokerage fee, etc. Some companies charge this, some don't, and all of them are priced differently. As for getting out of the contract, if it states you have 3 days to back out without penalty, then you can back out within 3 days without penalty. Things like this are why, as an agent, I highly recommend to all my clients to carefully read over anything before signing it and seek out legal advice from an attorney if necessary.
0 votes Thank Flag Link Fri Apr 18, 2014
Hello Roger,
As stated earlier this fee is common in Las Vegas by most large Real Estate Brokerages. It is usually broken into two parts with one being an Administrative Brokerage Fee and the other being a Document Storage Fee. At our company, the total fee is $375 for a sales price of $500K or less. As you can see, the fee varies by brokerages.

As far as you getting out of your contract, that depends on the verbiage in the Buyer Brokerage Agreement with the Agent your working with. I've found that it's usually good to sit down with the Agent & his/her Broker and discuss any issues with them open and honestly . Most of the time these things can be worked out. Keep an open line of communication with your Agent. It sounds like your Agent was honest and upfront about the fee with you. That's a good thing. Hopefully, everything works out for you and your Agent.

Brad Zebio
Realty ONE Group
702-809-6300
bradzsellsvegas@gmail.com
http://www.bradzsellsvegas.com
Flag Fri Apr 18, 2014
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