Comments on: The Pennsylvania Attorney General: ABA’s should be Unlawful http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/ Discussions in Title Insurance and Real Estate Mon, 11 Oct 2010 20:10:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Title Industry Leaders Propose Suspending Reality http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-96 Title Industry Leaders Propose Suspending Reality Fri, 25 Sep 2009 15:17:33 +0000 http://www.clearingtitle.com/?p=141#comment-96 [...] discussed and real solutions are proposed.  Pending legislation in New York and involvement of the Attorney General in Pennsylvania shows us that 3rd parties are standing ready to control our destiny, and I can’t say I blame [...] [...] discussed and real solutions are proposed.  Pending legislation in New York and involvement of the Attorney General in Pennsylvania shows us that 3rd parties are standing ready to control our destiny, and I can’t say I blame [...]

]]> By: Francine D'Elia Wirsching http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-73 Francine D'Elia Wirsching Wed, 16 Sep 2009 02:40:47 +0000 http://www.clearingtitle.com/?p=141#comment-73 Mr. Commiso, great input. I consider the charging of the conveyancing fee/administritative fee/broker's fee just another way to slam the consumer. Unfortunately, the buyers and sellers don't know that they should refuse to pay it. I once had a closing where a large national real estate brokerage had both sides of the transaction. I handled all the conveyancing on a deal valued at $27,000 (that is the sale price of the home). The seller was an executrix of an estate, there were multiple municipal liens, past due taxes, and inheritance tax issues to clear. The total premium was $420. The settlement was approximately 45 minutes from my office. I probably put 20 hours into clearing all the issues and then another 3 hours after settlement because of an inheritance tax escrow. It never crossed my mind about the number of hours spent on a deal that netted me about $211.20 - not even counting the time just my expenses and remittance. The dollar value of the deal only crossed my mind when I received a call from the "conveyancer" at the brokerage that there would be a $295 conveyancing fee on the seller's side and the buyer's side - so the real estate office walked away with $590 for doing nothing at all on a cash deal and this is outside of the commission. In addition, the notice of settlement was issued by me as well as the closing cost estimate - which I consider my job to do at NO charge!! And now with the new HUD1, the conveyancing fee will just be thrown into the commission, which by the way, no longer will be represented by a percentage. But that is a post for another day. Mr. Commiso, great input. I consider the charging of the conveyancing fee/administritative fee/broker’s fee just another way to slam the consumer. Unfortunately, the buyers and sellers don’t know that they should refuse to pay it. I once had a closing where a large national real estate brokerage had both sides of the transaction. I handled all the conveyancing on a deal valued at $27,000 (that is the sale price of the home). The seller was an executrix of an estate, there were multiple municipal liens, past due taxes, and inheritance tax issues to clear. The total premium was $420. The settlement was approximately 45 minutes from my office. I probably put 20 hours into clearing all the issues and then another 3 hours after settlement because of an inheritance tax escrow. It never crossed my mind about the number of hours spent on a deal that netted me about $211.20 – not even counting the time just my expenses and remittance. The dollar value of the deal only crossed my mind when I received a call from the “conveyancer” at the brokerage that there would be a $295 conveyancing fee on the seller’s side and the buyer’s side – so the real estate office walked away with $590 for doing nothing at all on a cash deal and this is outside of the commission. In addition, the notice of settlement was issued by me as well as the closing cost estimate – which I consider my job to do at NO charge!!

And now with the new HUD1, the conveyancing fee will just be thrown into the commission, which by the way, no longer will be represented by a percentage.

But that is a post for another day.

]]> By: Walter Commiso http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-72 Walter Commiso Tue, 15 Sep 2009 15:35:35 +0000 http://www.clearingtitle.com/?p=141#comment-72 What I see as the most important aspect in Real Estate Agent/Broker ABA's is the fact that the consumer is unfairly being charged more. It is well know that Real Estate Agents have the trust of the consumer when they are dealing with them. What happens is, even though there is knowledge by the Realtor that by using another Title Company other than the Realtor in-house, they could save the consumer money. The consumer is still coerced into using the Realtors in-house Title Company because the Broker and or Agent get compensated, though the consumer suffers. Another aspect I see is that the Real Estate Agents now charge conveyancing fees to the seller and the buyer that go to the Realtors in-house Title Company because they can. When, they all know that using a conventional Title Company, as my office, this fee is included in the title insurance. I believe that it is covered in either the Realtors Code of Ethics or By-Laws that the Realtor is always to look out for the consumers best interests. It further goes on to state that they are to put the consumers monetary interest first before the Realtor’s. And yes you do have the disregarding of the best interest of the consumer by not only allowing, but encouraging, conflicts of interest in real estate transactions. What I see as the most important aspect in Real Estate Agent/Broker ABA’s is the fact that the consumer is unfairly being charged more. It is well know that Real Estate Agents have the trust of the consumer when they are dealing with them. What happens is, even though there is knowledge by the Realtor that by using another Title Company other than the Realtor in-house, they could save the consumer money. The consumer is still coerced into using the Realtors in-house Title Company because the Broker and or Agent get compensated, though the consumer suffers. Another aspect I see is that the Real Estate Agents now charge conveyancing fees to the seller and the buyer that go to the Realtors in-house Title Company because they can. When, they all know that using a conventional Title Company, as my office, this fee is included in the title insurance. I believe that it is covered in either the Realtors Code of Ethics or By-Laws that the Realtor is always to look out for the consumers best interests. It further goes on to state that they are to put the consumers monetary interest first before the Realtor’s. And yes you do have the disregarding of the best interest of the consumer by not only allowing, but encouraging, conflicts of interest in real estate transactions.

]]> By: Francine D'Elia Wirsching http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-62 Francine D'Elia Wirsching Wed, 19 Aug 2009 23:42:46 +0000 http://www.clearingtitle.com/?p=141#comment-62 Art, at the time of my writing this piece, NAILTA was still in the process of reviewing the AG's letter and formulating a response. You can read NAILTA's response to the AG at www.nailta.org. Thanks. Francine Art, at the time of my writing this piece, NAILTA was still in the process of reviewing the AG’s letter and formulating a response. You can read NAILTA’s response to the AG at http://www.nailta.org. Thanks. Francine

]]> By: Art Oswald http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-51 Art Oswald Fri, 31 Jul 2009 12:10:36 +0000 http://www.clearingtitle.com/?p=141#comment-51 Dave, I'm surprised not see a mention of NAILTA here Dave,
I’m surprised not see a mention of NAILTA here

]]> By: Posts about Real Estate Agent as of July 31, 2009 http://www.clearingtitle.com/2009/07/the-pennsylvania-attorney-general-aba%e2%80%99s-should-be-unlawful/comment-page-1/#comment-50 Posts about Real Estate Agent as of July 31, 2009 Fri, 31 Jul 2009 11:49:52 +0000 http://www.clearingtitle.com/?p=141#comment-50 [...] will never be published here. We can assist you in finding a Cincinnati real estate agent. The Pennsylvania Attorney General: ABA’s should be Unlawful – clearingtitle.com 07/31/2009 On May 28, 2009, I and many of my colleagues headed to our [...] [...] will never be published here. We can assist you in finding a Cincinnati real estate agent. The Pennsylvania Attorney General: ABA’s should be Unlawful – clearingtitle.com 07/31/2009 On May 28, 2009, I and many of my colleagues headed to our [...]

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