Please see lines 161-162 of the FAR/BAR Contract:
“The owner’s title policy premium, title search and closing services
(collectively, “Owner’s Policy and Charges”) shall be paid, as set forth
below.”
The contract provides several options, if they option
selected is box 9 (i) on Line 172 is selected it states:
“Seller shall designate Closing Agent and pay for Owner’s
Policy and Charges, and Buyer shall pay the premium for Buyer’s lender’s policy
and charges for closing services related to the lender’s policy, endorsements
and loan closing, which amounts shall be paid by Buyer to Closing Agent or such
other provider(s) as Buyer may select”
This means that if the buyer is paying cash, then
closing services will be paid by the seller. Please refer back to lines 161-162
where is clearly states that closing services are “Owner’s Policy and Charges”
It is common for a Title Company to be unaware of the
contractual fee structure that the buyer and seller have agreed. They push back and try to charge fees to both
parties. Call the attorney hotline to
gain a greater understanding and:
- Let them know that you have spoken with the FL
REALTORS Attorney Hotline to ask them to reach out to their attorney
- Point them to the relevant lines in the
contract (above)
- Ask them to reach to their preferred
attorney to confirm
- If this doesn’t correct the issue:
- Send a follow up email letting them know that
you need to advise the seller’s agent of the issue and CC Phil. Please include relevant contact info in
the email for Phil (Title Company, Email, Phone and Property Address)
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