What Is a Conveyance Fee?
I am closing on a house in a couple of months and I am being charged a $400 conveyance fee from my realtor's office. When I ask her what this is she says to store paperwork, etc? She's not being clear and I want a CLEAR answer. Can anyone help me!! Thanks!!
(0) | asked by: carmelina sotto | share | 70 months ago | Report
Viewing Answers 1 - 6 of 6
I agree with RS, I call this a " junk fee " as well! I have never understood agents or brokers who charge this fee when they are already being paid 2.5%-3% to bring the transaction to a successful closing. If this was not disclosed to you upfront as part of their charges to do business with them, I would ask the agent/broker to absorb the fee. And storing paperwork in this digital age can be stored easily on a thumb drive, so I would consider that a lame excuse.
Since you got the same answer 4 times here is what I call a conveyance fee. This is what is commonly called a "junk" fee. How many different departments and and people have to make sure the paperwork is right? In most cases the title company handles the conveyance and is part of the title fees, but everyone has to make a living and if you call most real estate offices and ask for the "conveyancing department" they will either transfer you to the title company or laugh at you.
Hi Carmelina. A conveyance fee or Broker service fee is a fee charged to buyer and seller for the Real Estate company handling all the paperwork which is enormous in a real estate transaction. In addition coordinating all departments together such as the title, Mortgage, and all Real Estate companies involved, so a smooth and error fee transaction can take place. Ordering tax certifications, Mortgage pay-offs, preparing the best estimate of settlement costs for a buyer and seller are all an extremely important process in every transaction. Have a great day, Rob Hughes Long and Foster Realtors
Please refer to the 'Affiliated Services Disclosure' or its equivalent, that was presented to you for initials/signatures, and reference the 'Conveyancing Fee' section. The bundle of services offered differs amongst all brokerages, as well as the cost. In essence, the back office is coordinating with all involved vendors to make sure that everything is clear on the day of settlement.
Hello, The charge is basically for paperwork that is being done by the Conveyancing Dept at the company who is representing you in the sale of your house. Are you the Buyer or Seller? A Sellers charge is usually less than a Buyers charge. It is the Conveyencers job to be sure all paperwork that is needed for settlement is received and correct. The paperwork in a Real Estate transaction is insurmountable! If something is missing or not signed correctly, etc... It could hold up your settlement. The amount charged can vary among Real Estate companies. However, it is a very important aspect of the transaction. But, you shold be able to get a CLEAR answer. Also remember that Real Estate is so complex and paperwork needs change everyday. It probably feels as tough your putting money out every day. Which is frustrating. As long as your comfortable with the agent that is represting you, have no fears. Good Luck and don't hesitate to ask us again! Maggie Velek
That fee is for the handling of the paperwork by their conveyancing department, working with the title company, mortgage company, and the sellers agent to make sure there is nothing missing when it comes to settlement.
Please read Homes.com's Questions & Answers Community Guidelines.