March/April 201011150 Overbrook Road, Suite 100, Leawood KS 66211 913-661-1600
Admin Fees:
General Counsel Offers HUD Views
HUD General Counsel Helen Kanovski said in a January 22 letter that the Real Estate Settlement Procedures Act doesn t prescribe how...
More
March/April 201011150 Overbrook Road, Suite 100, Leawood KS 66211 913-661-1600
Admin Fees:
General Counsel Offers HUD Views
HUD General Counsel Helen Kanovski said in a January 22 letter that the Real Estate Settlement Procedures Act doesn t prescribe how brokers who use them are to set their administrative fees - they can be
percentage-based, flat, or a combination of both - but they must be disclosed on line 700 of the HUD-1.
(See
the letter, printed on the yellow sheet, in this copy of Realeyes Broker Edition.
)
The letter responds to an NAR inquiry and provides the latest HUD thinking on handling the fees (sometimes
called transaction fees, among other things).
RESPA attorney Phil Schulman, in an article, gives his thoughts
on disclosing the fees.
(See the article, printed on the green sheet, in this copy of Realeyes Broker Edition.
)
For more info, contact NAR’s Scott Rinn at srinn@realtors.
org or 202-383-7508.
Brokers can discuss the market, get insight into the
inner workin
Less
