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What is a "Conveyancing Fee" on HUD-1 and is it legit?

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Latest post Sat, Aug 29 2009 2:36 PM by Jason Harris. 3 replies. Viewed 474 times.
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  • Wed, Jul 22 2009 7:15 PM                

    I just got an estimated HUD-1 from my realtor (who got it from the title agent). We're closing on 7/31 so she said this is still an estimate.

     

    On it there is a $300 Conveyancing Fee on line 1302. This is going to my realtor's broker's office.

    Is this a normal fee? The realtor is a friend of my wife's and she's giving us a 4.5 (vs 6%) commission, so I don't want to nickel and dime but this seems like an odd fee to tack on.

     

  • Wed, Aug 19 2009 3:37 PM                 In reply to

    Sounds like a BS fee to me, but you are getting a good so I would not sweat it.

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  • Sat, Aug 29 2009 2:35 PM                 In reply to

    sounds legal enough...but I think it's just a fee going to the title company..

    con·vey·ance play_w2("C0617100")  (kn-vns)

    n.
    1. The act of conveying.
    2. A means of conveying, especially a vehicle for transportation.
    3. Law
    a. Transfer of title to property from one person to another.
    b. The document by which a property transfer is effected.

    definitely wrong line item for sure:

    1302. Pest and Other Inspections: This fee is to cover inspections for termites or other pest infestation of your home.

    http://www.hud.gov/offices/hsg/ramh/res/sc3secta.cfm

     

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  • Sat, Aug 29 2009 2:36 PM                 In reply to

    Typically the conveyance fee is paid to the county by the seller.

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