When fee is due

Article ID: 3248  

Question
When does the Offer Processing Fee get paid?

Answer

The Offer Processing fee is normally paid at closing and is included on the HUD-1 closing statement.

If the transaction does not close for any reason not caused by the seller (i.e. buyer default after contingencies are removed), the fee is due immediately and will be invoiced accordingly.

If a transaction is canceled within any contractual contingency periods (i.e. inspection, financing, attorney review, etc.) there is no fee due.


Article Details
Views: 5036 Created on: Oct 20, 2010