Hi friends -
I'd appreciate your thoughts on the following:
After months of analysis, discussion, etc. I am about ready to move on my first single family purchase (new construction by the way). To sweeten the deal the broker has offered to reduce the purchase price of the home by 1% which is entirely coming out of his pocket according to our discussion. Furthermore ... after a bit of complaining ... he said the builder would eat the owner's title policy fee. I am curious as to how: (1) what might the broker's cut be in total (how much of his take-home is he offering to give up?) and (2) from asking around thus far, seems like in some instances the builder pays the owner's title policy anyway. Is there a standard practice when it comes to owner's title fee?
Many thanks all !
I work in title in Orlando, FL so I am not sure if NY is the same. I think the broker is saying he is going to contribute 1% of the purchase price to you. ex $100,000 = $1000
As far as the owners policy typically its the seller or owner of the property that pays for the owners policy because they are the ones clearing title for the buyer. You can look at the builder like being the seller or owner so they would pay for the OP.
Hope this helps.
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