processing fee to broker?

[paulga]

processing fee to broker (question closed)

The broker sent over the closing statement. I saw an outstanding "processing fee" $489 on it. I have not heard of this fee before. Is this fee commonly paid by a buyer to a broker?

 

[twistedtree]

The broker sent over the closing statement. I saw an outstanding "processing fee" $489 on it. I have not heard of this fee before. Is this fee commonly paid by a buyer to a broker?

Processing of what? Is the broker doing any of the registration or titling work? In some states a dealer/broker is required to do title and registration filing.

 

[Comodave]

Maybe the fee for the documentation? Did you have a company handle the documentation for you?

 

[slowgoesit]

If it was not covered in the purchase and sales agreement, I would refuse to pay it, but first I would ask for clarification of what exactly it is.

 

[paulga]

Maybe the fee for the documentation? Did you have a company handle the documentation for you?

They need to do some paperwork, including submitting b110 form to the natural resources dept of Maryland to report this is out of state sale.

They didn't disclose to me it costs $489 to submit this form. I didn't consider the option to ask to submit it myself.

 

[paulga]

The broker is knot 10.

it is closing cost. It was specified in the agreement in the Sales and Use Taxes section: Sales or use taxes, if applicable on this purchase, are the responsibility of Buyer and will be paid to the Selling Agency at Closing. Buyer hereby indemnifies Seller and Broker for the payment of same. CLOSING COST OF $489 to be paid by Buyer at settlement (includes all title search work, lien releases, abstracts of boat/s in transaction, notary fees, overnight, and bank transaction charges).

I missed this number in my earlier reading.

It's really not worth so much, I have to say.

 

[Delta Riverat]

Not even half a boat buck -

I paid the title company myself but I think it was about $400.

 

[paulga]

Thanks for the point.

 

[twistedtree]

Glad it's sorted. From all I've heard, Knot 10 is a reputable outfit.