[tommy steam]

Are there agent commissions on a brand new home in TVs? What are the closing costs if you buy all cash? thanks

[Roaddog53]

Originally Posted by tommy steam

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]

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]

REALTORS have to disclose their commission rate - not sure if that holds true for Village sales reps.

[Mack184]

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]

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]

Originally Posted by graciegirl

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]

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]

Originally Posted by Opulence

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]

Originally Posted by graciegirl

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]

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]

Closing costs are not "commission".

[downeaster]

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]

Originally Posted by Carla B

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]

Originally Posted by Opulence

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.