who is actually responsibe for the application fee during a sale. The buyer or seller?
Now it seems logical that the buyer should be paying the fee since they are the ones applying for the purchase; however, the attorney states that the fee is now the seller's responsibility b/c 'it's been done like that for a while' according to him.
thanks
mag2010
Posted:
Member since
Re: co-op question
It depends on your co-op rules. In my complex the responsibility for application fees is on the buyer.
MarLisa
Posted:
Member since
Re: co-op question
I bought my co-op last year, and I was responsible for all the fees..
deeva007
Posted:
Member since
Re: co-op question
It may depend on the board rules but in my co-op its the buyer.
The attorney may mean that bc the RE market has slowed down the last few years and its a buyer's market in general, that sellers have taken on this expense as part of closing costs.
My buyer is paying for their fee though
Btw-- congrats! does this meanyou found a buyer?
msabla1
Posted:
Member since
Re: co-op question
Posted by deeva007
It may depend on the board rules but in my co-op its the buyer.
The attorney may mean that bc the RE market has slowed down the last few years and its a buyer's market in general, that sellers have taken on this expense as part of closing costs.
My buyer is paying for their fee though
Btw-- congrats! does this meanyou found a buyer?
It looks like DH and the buyer are sharing the fees.
Dixon
Posted:
Member since
Re: co-op question
Mine has different, separate fees for buyers and sellers - they get you on both ends!
