Skip to content
BOL Conferences
Thread Options
#2170384 - 03/27/18 06:06 PM CD-Commissions
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
Sorry if this is an easy question, but is real estate commission required to be on the CD? What if that number is not known?

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2170386 - 03/27/18 06:08 PM Re: CD-Commissions mdog76
RR Joker Online
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
Yes. Section H. I've never had a problem getting that number from the Realtor[s] for the Cd.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#2170394 - 03/27/18 06:13 PM Re: CD-Commissions mdog76
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
Does your area not have a fixed commission? In my part of IL it's 7% of the sales price.
_________________________
"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

Return to Top
#2170404 - 03/27/18 06:21 PM Re: CD-Commissions mdog76
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
In many jurisdictions, it will appear in the purchase agreement, too. As for the closing disclosure requirement to disclose the real estate commissions paid by the seller, the borrower or any other party (and any other costs of the real estate transaction) see §§1026.38(g) and 1026.38(g)(4) and comments 38(g)(4)-1 and -4.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2170420 - 03/27/18 06:41 PM Re: CD-Commissions mdog76
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
Thanks for the help. Honestly this is an item we've been missing and hasn't been picked up on by auditor or examiner.

Return to Top
#2170458 - 03/27/18 08:32 PM Re: CD-Commissions mdog76
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Don't feel too bad. This is the fifth time I've responded to one version or another of your question this month (to the point that I remembered the section and comment citations in my post). I did check them before clicking the "Submit" button.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top