Help understanding a transaction coordinator fee
Hey all,
I'm in the final stages of selling my primary residence, in fact the closing was today. My wife and I signed closing docs and a preliminary settlement statement a few weeks back in preparation of a new baby on the way. Well, the new settlement statement has a new fee on it and I'm trying to understand the how and why behind it. Can anyone help me understand how a "transaction coordinator fee" might have snuck into my final settlement fee as a sellers expense? Interestingly enough the fee is being charged by a fellow team member/agent on the buyers agent side. I'm scratching my head trying to figure out why this is a service I'm supposed to pay. Please help me understand.
Thanks in advance.