Last year the US District Court ruled that add-on fees on the HUD-1 closing document could be against federal law. Commissions on the HUD-1 can be a flat fee, a percentage of sales price, or a combination but should not exceed the agreed upon commission in the listing brokers listing agreement. If the fee exceeds that agreed upon amount then HUD can determine if the services provided justify the additional charges. Unjustified charges are against the Real Estate Settlement Procedures Act or RESPA and can be subject to penalties.
Want a Realtor that won't overcharge? Contact Darryl Baskin of The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com for your Bixby, OK area real estate needs.
For questions about what fees should be on your HUD-1 document or to pre-qualify for a loan in the Bixby, OK area contact Steve Currington of Currington Mortgage at 918-394-LOAN or www.curringtonmortgage.com.
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