Schedule Of Commissions And Charges Adopted By The Philadelphia Real Estate Board. Continued
Description
This section is from the book "Real Estate Principles And Practices", by Philip A. Benson, Nelson L. North. Also available from Amazon: Real Estate Principles and Practices.
Schedule Of Commissions And Charges Adopted By The Philadelphia Real Estate Board. Continued
22. For services rendered in attending to repairs, the broker or agent shall be entitled to charge the lessor 5% of the gross amount expended.
23. City. For obtaining loans (including purchase money by agreement with borrower) secured by first mortgage on real estate in the city and county of Philadelphia:
A. On land, farms, vacant lots, hotel, office buildings, clubs, moving picture halls, garages, stables, theatres, schools, institutional property, churches, saloons, apartment houses or flats, factories, warehouses, mills, industrial sites, railroad and waterfront or wharf properties, and all industrial and other specialty property, the charge shall be not less than 3% on the gross amount loaned.
B. Collateral and advance money mortgages by special agreement.
C. On loans secured by any other kind of real estate there shall be a charge of not less than 2% on the amount loaned.
24. Suburban. For obtaining loans (including purchase money by agreement with borrower) secured by first mortgage on improved real estate:
In built-up communities in any of the suburbs or in any counties adjoining Philadelphia, the charge shall be not less than 2%.
25. Farms. On farms and ground the charge shall be 5%.
26. No loan shall be made for a lower charge than $25.00.
The above rates for mortgages shall also apply to properties outside of Philadelphia.
27. Second Mortgage Loans. For obtaining loans on second mortgage, the charge shall be by special agreement.
28. In all cases the borrower shall pay, in addition to the rates mentioned above, all charges for drawing papers, for examination of title, or title insurance, for fire insurance, recording, etc.
29. If the agent secures a loan on request of the borrower, the borrower shall be liable for the payment of the commission whether the loan be accepted or not.
30. Renewals. For securing the renewal or extension of loans the borrower shall pay at the same rate of commission when the term is not less than three years as provided in the preceding paragraphs. For a term less than three years, the charge shall be by special agreement.
31. For collecting mortgage interest and looking after the various stipulations contained in the mortgages, the agent shall make a charge of 5% on amount collected.
32. Ground Rents. The rates of commission charged for negotiating ground rents shall be the same as those governing sales or purchases of real estate, based on total amount paid as consideration for the ground rent.
EXPERT TESTIMONY
33. For expert testimony the expert will have earned his fee upon delivery of his opinion to his client; and he shall be entitled to make a further charge of not less than $50.00 per day for attendance before the Board of View, a Master, or in Court.
APPRAISEMENTS
34. The Board offers its official appraisal of real estate to its members. The fees for this work are $15.00 for the first $5,000 of value; $1.25 for each $1,000 above $5,000 up to and including $100,000, and $1 per $1,000 in excess of $100,000.
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