Estate agency fees have been singled out as the biggest cost of moving house. Liverpool are set to most gain if new restrictions are passed because official FA figures released earlier this year revealed that the Reds had paid a Premier League-high £26.79m in agent fees alone for transfers completed in the 2017 summer window and 2018 January window.
Accordingly, any additional compensation (e.g., fees, service fees, origination fees) paid by insureds directly to agents, which is beyond the incorporated commissions of an insurers filed or manual rates, generally violates the rate filing and rate approval provisions of the Insurance Law.
Until earlier this year, my wife had spent about the previous twenty years working for estate agents in the UK both in rental and sales offices; she keeps in contact with an old colleague and both she and my wife have never heard of an agent charging the buyer a fee.
While it may be that technically the buyer’s premium belongs to the seller, and not the auctioneer — unless the seller agrees to pay the auctioneer this fee — which would be almost universally the case — the buyer’s premium allows the auctioneer to earn additional income.
They range from the fact that most oil sellers and their brokers and other intermediaries, are fake operatives with no crude or petroleum product to sell, in the first, to lack of proper training and knowledge by these operatives in the fundamentals of the business, to the existence of certain serious drawbacks and shortcomings inherent in the fact that, bye and large, the principal source by which most brokers and agents today learn their craft today as oil dealers, is merely the Internet.