Transaction Coordinator Fee

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jyeh74

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An agent is trying to make us as buyers pay for this $350 transaction coordinator fee.  Isn't this part of their job?  Instead of pushing this to a 3rd party?

Is it mandatory? i.e. can we refuse to pay for it?
 
Brokers may request/require that their agents charge a transaction coordinator fee (when a transaction coordinator is used) or a transaction fee (the case where there the agent doesn't have to split their commission with the broker) on re-sale transactions.  It is definitely not mandatory or required to be paid by the buyer.  Unless your agent is giving you a commission rebate, I would ask the agent to cover that fee.  I have my clients pay for that fee, but my commission rebate is way more than the fee so it's never any issue.
 
The Agent says that his job is to negotiate and show open homes.  Having a transaction coordinator is to dot the I's and the T's, which is something they should be doing anyways.  It's admin stuff.  First Team is the company. 
 
The transaction coordinator should be paid for by the agent. Period.

A good transaction coordinator is a benefit to the buyer, but is not absolutely necessary to the transaction. The TC is primarily there for the convenience/protection of the agent.

-IrvineRealtor
 
Thanks for the reply.  Shady how agents try to pass this to the consumers.  They are already getting paid commissions, damn greedy folks!  I wonder if the broker makes them charge this, so First Team makes $$
 
Thanks for sharing your experience. I would definitely not use them to represent me in a real estate transaction in the future.
 
USCTrojanCPA said:
Brokers may request/require that their agents charge a transaction coordinator fe03e (when a transaction coordinator is used) or a transaction fee (the case where there the agent doesn't have to split their commission with the broker) on re-sale transactions.  It is definitely not mandatory or required to be paid by the buyer.  Unless your agent is giving you a commission rebate, I would ask the agent to cover that fee.  I have my clients pay for that fee, but my commission rebate is way more than the fee so it's never any issue.
Click to expand...

So why do agents try to make the buyer pay for it, if it isn't mandatory?  Agreed, they make enough on commissions that asking for $350 is a slap-in-the-face.
 
irvineboy said:
USCTrojanCPA said:
Brokers may request/require that their agents charge a transaction coordinator fe03e (when a transaction coordinator is used) or a transaction fee (the case where there the agent doesn't have to split their commission with the broker) on re-sale transactions.  It is definitely not mandatory or required to be paid by the buyer.  Unless your agent is giving you a commission rebate, I would ask the agent to cover that fee.  I have my clients pay for that fee, but my commission rebate is way more than the fee so it's never any issue.
Click to expand...

So why do agents try to make the buyer pay for it, if it isn't mandatory?  Agreed, they make enough on commissions that asking for $350 is a slap-in-the-face.
Click to expand...
I have no idea, maybe because they are greedy or maybe they think the buyer should pay for it.  My broker requires that I put his transaction fee (which is variable based upon price) into the contract and that it appear on the HUD on my re-sale transactions because that's how he gets paid since I get 100% of the commission.  However, I provide a sizable commission rebate to my buyers and way more than covers the transaction fee (provide a lower listing agent commission for my seller clients). 
 
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