Contract — Pages 7–8–9: Escrow, Broker Fee & Additional Terms

📖 2 min read

Section 8 of the Buyer Contract Training course. This lesson walks through pages 7–8–9 — escrow, broker fee & additional terms. Open the RPA PDF below and follow every line reference as you read.

Fully Executed

• Title and Escrow require fully executed documents — Fully Executed RPA, counters, addendums, etc., to perform a transaction.
• A Fully Executed Cancellation is required for Title and Escrow to release earnest money.

Broker Fee ($195)

• Line 57: In our case, checking off Buyer “Will” pertains to our Doc Storage Admin Fee of $195.
• You must disclose the $195 in the Additional Terms section.

Additional Terms

• Use this exact verbiage to disclose the $195 fee: “Buyer agrees to pay Scofield Group, LLC $195 Broker Transaction Fee at successful close of escrow.”
• The Additional Terms section can be used to negotiate or clarify other items or further protect your buyer within the contract. Do NOT restate items already in the contract.
• Examples include: when the listing states that a leaseback may be required.
• ALL Condo Purchases — Financed: must include the condo cert verbiage: “Buyer and Seller agree that if at any time Lender cannot obtain (if FHA put FHA in Front) Condo Cert Questionnaire Approval, then Buyer’s Earnest Money to be refunded back to the buyer.”