New build administration fee

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  • #79301
    Mercadodc
    Participant

    Does anyone know if an admin fee is covered under closing costs. We are looking over our new build contract and it is showing this as a fee. Is that something that BOA will cover.

    • This topic was modified 1 month, 3 weeks ago by Mercadodc.
    #79303
    Nelsont
    Member

    It should be. As long as you don’t pay an up front fee.

    #79304
    Mercadodc
    Participant

    Thanks, helpful as usual Neslont

    #79314
    Kristijay
    Participant

    @Mercadodc I wouldn’t be so sure about that. I would inquire with your builder as to what the admin fee is for. There are only certain costs that are covered by BOA as part of your closing costs. I don’t think “administration fee” is one of them. I’m speaking as someone who closed on new construction with NACA.

    #79315
    Kristijay
    Participant

    For example, my contract listed a land survey fee of $600. This was not covered by BOA as part of the closing costs. I had to formally reject the survey so as not to be personally responsible for the fee at closing. Please double check with your builder and/or MC so that your aren’t on the hook for the admin fee.

    #79331
    Mercadodc
    Participant

    Thank you everyone. The builder did not want to rename the admin fee so on to the next one.

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