In 2009, the US District Court ruled that add-on fees on the HUD-1 closing document could be against federal law. Commissions on the HUD-1 can be a flat fee, a percentage of sales price, or a combination but should not exceed the agreed upon commission in the listing brokers listing agreement. If the fee exceeds that agreed upon amount then HUD can determine if the services provided justify the additional charges. Unjustified charges are against the Real Estate Settlement Procedures Act or RESPA and can be subject to penalties.
For all your Tulsa Luxury Real Estate transactions, contact Sherri Sanders of The Tulsa Luxury Property Group at McGraw Realtors at 918-724-5008 or tulsaluxurypropertygroup.com
For a Tulsa, OK area mortgage, contact Karen Heston of BOK Mortgage at 918-481-7353 or http://kheston-boklo.mortgagewebcenter.com
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