I am planning to buy house in delaware county , pennsylvania. My agent (buyer's agent) says that I have to

Asked by Dharmendra, Solanki Mon Dec 24, 2007

pay 300 $ broker fee to them if I buy property through them , is this a standard fee ?

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Linette Carr…, Agent, Wilmington, DE
Mon Dec 24, 2007
There are alot of agents that require fees up front from buyers to help cover road costs. There are times that we as agents put in hours driving clients from home to home. We don't mind doing that. In fact I love to help clients find a home, but it is getting very expensive especially when the buyer does not find a home. Some agents do not charge a fee, and the fee is negotiable. Discuss it with your agent if you have a problem with the fee. Maybe you can offer to fill their vehicle up with gas when you are out looking
1 vote
Pete Simonet…, Agent, Wayne, PA
Wed Dec 26, 2007
When I read your question, my first thought was that the fee your agent is refering to is a conveyancing fee as opposed to a fee that is paid to your agent.

The purpose of a conveyancing fee for a buyer is to essentially get your transaction to settlement, whether it's coordinating with the mortgage company, setting up a time/place for settlement, following up on U&O or condo/hoa docs, sending out notices to all parties, ordering title insurance, etc. These are all "behind the scenes" activities that need to be taken care of in order to have a successful transaction. $300 is pretty typical for this type of fee. The alternative would be for you to handle these things yourself and have your broker NOT do any conveyancing. For what it's worth, I have not had a situation where a buyer has done this themselves instead of agreeing to this fee or paying an attorney for the same services.
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