$120 Brokerage Administrative Fee Is Now In Place

As a friendly reminder, Equity Corporate's new $120 Brokerage Administrative Fee has now been implemented as of April 1st, 2022.  This fee has taken the place of the $60 Document Storage and Access Fee that was previously in place.  Here are a few quick highlights regarding the new fee:

• Brokerage Administrative Fee Form is Live on CTM:  We have replaced the Doc Storage and Access Fee Form with the new "Brokerage Administrative Fee" form in CTM eContracts.  The new Form can be found by clicking Create New Contract > Equity > Buyer / Seller Brokerage Administrative Fee Form.  The Listing and Buyer Packet Checklists have also been updated to reflect the new name of this fee.
• What If My Transaction Went Under Contract Before April 1st?  If you have a transaction that went under contract before the April 1st, your client will be charged for the old $60 document storage and access fee instead of the $120 Brokerage Administrative Fee.  The new $120 fee will be charge on any transaction that goes under contract after April 1st.
• How is the $120 Fee Collected?  This fee is collected just like the $60 doc storage fee was collected.  You'll need to inform the title company that your client is paying the $120 Brokerage Administration Fee.  Title will then add this fee as a line item charge on your client's Settlement Statements.  The title company will collect the $120 at closing and add it to your commission wire that is sent to Equity for processing.  

As always, if you have any questions or concerns, please don't hesitate to contact us at your convenience!