$935 "Audit compliance charge" in Buyer agreement

[Praveen Balaji]

My agent has sent an exclusive buyer agency agreement. I'm fine with everything in the document except for something titled "Audit Compliance Processing Charge". The agency requires me to pay $935 when the transaction closes. It apparently covers the following:

1. Handling of file during contract to close...

2. Storage and maintenance of documents for 5 years...

3. Errors & Omissions Insurance (which, per my research, is sort of malpractice insurance that the agent and agency need to procure)

Are these charges common in Charlotte? Do all agencies charge this? Is $935 reasonable (sounds very steep to me)?

TIA

Regards

Praveen

[Caleb Heimsoth]

@Praveen Balaji tell them you won’t pay it. They’ll probably waive it. I’ve done that before