Talk of The Villages Florida

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   agents commission (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/agents-commission-61697/)

tommy steam 10-06-2012 04:14 PM
agents commission
 
Are there agent commissions on a brand new home in TVs? What are the closing costs if you buy all cash? thanks

Roaddog53 10-06-2012 04:17 PM
Quote:
Originally Posted by tommy steam (Post 564305)
Are there agent commissions on a brand new home in TVs? What are the closing costs if you buy all cash? thanks
Why don't you ask your agent. Yes..they do not work for nothing. You can also call the title company and ask them the costs. Your agent should know the title company too.

tv2016 10-06-2012 04:45 PM
Costs associated with new home
 
The difference, though, I suspect, is that agent commissions are included in the sale price of the home, whereas closing costs are in addition to the price of the home.

gomoho 10-06-2012 05:38 PM
REALTORS have to disclose their commission rate - not sure if that holds true for Village sales reps.

Mack184 10-06-2012 08:13 PM
In a normal property transaction when you are selling your home, the buyer does NOT pay an agent's commission, the SELLER pays the commission on the sale price. I would expect that if "Villages, Inc." is selling homes that THEY built through THEIR sales agents, the purchaser should not be on the hook for commission. That's the seller's burden.

graciegirl 10-06-2012 09:28 PM
We paid cash twice, for a new home and the closing costs were paid by the developer.

We opted NOT to have a title search which would have been a charge to us..

Opulence 10-07-2012 05:45 AM
Quote:
Originally Posted by graciegirl (Post 564423)
We paid cash twice, for a new home and the closing costs were paid by the developer.

We opted NOT to have a title search which would have been a charge to us..
Gracie, when I purchased my new home in TV for cash, I too opted out of the title search on my new home. My thinking was that the Developer had done a title search, when he purchased all of the land he was developing & building on . Certainly he checked everything out and had clear title before he sold these homes. I felt in this instance, that paying for a title search was not necessary.You and Sweetie may have been thinking along these same lines.

Seven (7) months later, I had a rude awakening, when I went it to sign the paperwork for closing. I was informed that I had to purchase title insurance in order to sell my villa to the new owners. I argued with them regarding this to no avail & ended up paying for it. So if you don't pay it when you purchase, you will pay it when you sell. At least, this was my experience. Anyone is welcome to call the closing office and check on this for themselves.

Betty

Betty

Betty

2 Oldcrabs 10-07-2012 05:45 AM
Commission
 
Don't know if it is true but, I talk to someone who used to sell new homes. Commission is 1.5% but they have to pay all expenses including the papers they give you and the "open house flag" they use.

graciegirl 10-07-2012 05:58 AM
Quote:
Originally Posted by Opulence (Post 564454)
Gracie, when I purchased my new home in TV for cash, I too opted out of the title search on my new home. My thinking was that the Developer had done a title search, when he purchased all of the land he was developing & building on . Certainly he checked everything out and had clear title before he sold these homes. I felt in this instance, that paying for a title search was not necessary.You and Sweetie may have been thinking along these same lines.

Seven (7) months later, I had a rude awakening, when I went it to sign the paperwork for closing. I was informed that I had to purchase title insurance in order to sell my villa to the new owners. I argued with them regarding this to no avail & ended up paying for it. So if you don't pay it when you purchase, you will pay it when you sell. At least, this was my experience. Anyone is welcome to call the closing office and check on this for themselves.

Betty

Betty

Betty
Did the buyers of your property have a loan? Usually the lending institution requires it. When we sold our house in Hadley, the buyers had to have title insurance, their lenders wanted to be sure that their money was insured ,because we could have incurred a lien I guess. I don't know, but they paid it. The buyers.

Who pays what is often different from the state we left behind.

Opulence 10-07-2012 08:00 AM
Quote:
Originally Posted by graciegirl (Post 564456)
Did the buyers of your property have a loan? Usually the lending institution requires it. When we sold our house in Hadley, the buyers had to have title insurance, their lenders wanted to be sure that their money was insured ,because we could have incurred a lien I guess. I don't know, but they paid it. The buyers.

Who pays what is often different from the state we left behind.
No, they paid cash.

Betty

Carla B 10-07-2012 10:12 AM
Betty, even if you had bought a title policy when you purchased your house from the developer, you probably would still have to buy one for your buyer. Then you would have paid twice. Depends on what you negotiated in the contract. In Florida the seller traditionally pays for it, but not in Gracie's case. She's a good negotiator.

Mack184 10-07-2012 11:15 AM
Closing costs are not "commission".

downeaster 10-07-2012 12:08 PM
Just because title insurance was purchased when I bought my home doesn't mean I can assure a buyer the title is still clear. The buyer will want third party verification (title insurance) because there could be claims on my home subsequent to my purchase.

Title insurance is not a guarantee there are no existing claims. It insures you against any claims. The title insurance companies go to great lengths to to make certain there are no claims.

I was an agent/broker in Florida some years ago and, frankly, I can't remember who "customarily" pays for the title insurance.

Opulence 10-07-2012 12:53 PM
Quote:
Originally Posted by Carla B (Post 564545)
Betty, even if you had bought a title policy when you purchased your house from the developer, you probably would still have to buy one for your buyer. Then you would have paid twice. Depends on what you negotiated in the contract. In Florida the seller traditionally pays for it, but not in Gracie's case. She's a good negotiator.
Well Carla, if that's the case, then I was wise not to purchase it the first go round, when I bought my new home from TV. Would have hated to pay TWICE, in a 7 month period. You mention that "In Florida the seller traditionally pays for it, but not in Gracie's case. She's a good negotiator"

The original seller was the developer, yet he (the corporation) did not pay, when I bought the home from them, they wanted me to do so . . . how pray tell did our Gracie get out of it ?? Gracie??
Betty

graciegirl 10-07-2012 01:32 PM
Quote:
Originally Posted by Opulence (Post 564594)
Well Carla, if that's the case, then I was wise not to purchase it the first go round, when I bought my new home from TV. Would have hated to pay TWICE, in a 7 month period. You mention that "In Florida the seller traditionally pays for it, but not in Gracie's case. She's a good negotiator"

The original seller was the developer, yet he (the corporation) did not pay, when I bought the home from them, they wanted me to do so . . . how pray tell did our Gracie get out of it ?? Gracie??
Betty
Since we did not have a loan, we didn't have to have title insurance if we did not want it on a new home. That's all I know. We trusted the developer to have clear title on the land.

Village07 hopefully will read this and explain it. She is one of the smartest people I know about this kind of stuff.

The folks who bought our house in Hadley paid half of the lawyers fee and all closing costs on their loan. We weren't really looking to sell it and they kind of talked us into it.

They are dear friends to this day, so I guess it was alright.

rubicon 10-07-2012 01:42 PM
Quote:
Originally Posted by downeaster (Post 564582)
Just because title insurance was purchased when I bought my home doesn't mean I can assure a buyer the title is still clear. The buyer will want third party verification (title insurance) because there could be claims on my home subsequent to my purchase.

Title insurance is not a guarantee there are no existing claims. It insures you against any claims. The title insurance companies go to great lengths to to make certain there are no claims.

I was an agent/broker in Florida some years ago and, frankly, I can't remember who "customarily" pays for the title insurance.
spot on there can be liens filed by contractors, etc and so just because its new doesn't mean a thing

tommy steam 10-07-2012 03:14 PM
Quote:
Originally Posted by graciegirl (Post 564423)
We paid cash twice, for a new home and the closing costs were paid by the developer.

We opted NOT to have a title search which would have been a charge to us..
Thank you for your thoughtful response.

kentucky blue 10-07-2012 06:12 PM
Quote:
Originally Posted by rubicon (Post 564608)
spot on there can be liens filed by contractors, etc and so just because its new doesn't mean a thing
I have never purchased any property without my lawyer doing a complete title search, whether i paid cash or financed it.Contractors place liens on properties all the time.If you want to be sure you have clear title to your property ,have a title search done by a competent real estate lawyer.The expense to KNOW your property is free and clear is well worth the price of the title search.

Ron1Z 10-07-2012 06:41 PM
This is all Public knowledge. You do not need a lawyer to make a phone call that you can do yourself.

kentucky blue 10-07-2012 08:23 PM
Quote:
Originally Posted by Ron1Z (Post 564714)
This is all Public knowledge. You do not need a lawyer to make a phone call that you can do yourself.
Don't forget to make calls to find any mechanics liens,federal or state tax liens, encumbrances on your property.While your at it check for utility easements , encroachments,rights of way,private and deed restrictions.Seems to me a real estate lawyer can save you valuable time and frustration, along with erasing the possibility of human error.Just one man's opinion,"why be penny wise and pound foolish.":confused:

l2ridehd 10-08-2012 07:09 AM
Kentucky Blue, I agree. There have been liens on new homes by contractors in The Villages. Probably ones the developer had a dispute with and fired or had some other bad dealings. And re-sale homes need a through check. The seller could have had tax problems, contractor problems, debt issues, mortgage payments missed, or any number of other problems. Title insurance is a low risk high reward investment. Now who pays for it is subject to the contract for sale. It can be paid by either the seller or the buyer. Or split. There is the traditional process where the buyer pays, but it does not have to be that way. It all depends on how the contract for sale is done.

Mack184 10-08-2012 09:28 AM
Whether we like it or not this world is now full of people ready to sue at the drop of a hat. With that in mind, why in the world would you make the kind of expensive investment such as a home without doing everything you possibly can to protect your investment? Taking a shortcut to save a few bucks because you "believe" the seller and/or developer is a very foolish move. Don't step over dollars to pick up dimes.


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