Democrat and Chronicle from Rochester, New York on October 24, 2015 · Page G17
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Democrat and Chronicle from Rochester, New York · Page G17

Rochester, New York
Issue Date:
Saturday, October 24, 2015
Page G17
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Page G17 article text (OCR)

Real Estate & Rental • Democrat and Chronicle • • Saturday,October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hat reader wrote to this column, so she is trying media involvement. She didn’t mention any bi-weekly payment arrangement, but it is an Int eresting possibility. You don’t think much of those s ervice companies, but they do have some value for homeowners who w ant to make extra yearly payments and don’t have the discipline to do it on their own. With interest rates as l ow as they are these days, that “float” — having temporary custody of s omeone else’s money — isn’t as valuable as in the past. That’s probably why w e don’t hear so many offers lately to set up that “ magic” way to pay off a mortgage ahead of time. For those who haven’t h eard of it — half a payment every two weeks, bi-weekly, adds up to 13 monthly payments a year. I t’s that annual extra payment, clearly labelled “ apply to principal only,” that works the magic and pays off a mortgage years early. Transaction fee plus commission? Is it legal for a real estate company to charge a“transaction fee” in a ddition to the commission on sale of a house? —Via As it happens, I’m familiar with the rules a bout real estate fees in New York because I’ve written a licensing text- b ook that’s in its 12th edition. I know of no laws governing the way bro- k ers may charge for their services. We're all used to c ommissions based on a percentage of sale price, but flat fees, limited ser- v ices or hourly charges are perfectly permissible. If a proposed arrange- m ent makes you uncomfortable, just don’t go w ith that firm. If, on the other hand, an additional fee is submitted as a later surprise, that would be a different matter and it’d be interesting to hear the d etails. Abit off-topic: The F ederal Justice Department is particularly concerned about any attempt b y competing firms or Realtor organizations to agree on standard fees. Commission rates may tend to end up pretty m uch the same in a given community, but that’s just the way an open mark et works. Edith Lank will respond personally to any q uestion sent to, to e, or to 240 Hemingway Drive, Rochester N.Y. 14620. Lank Continued from Page 4

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