What is a Tom Fee? TOM stands for Time Off Market, and it’s a fee, somewhat like earnest money, but a whole lot different, that a buyer may elect to offer when they make an offer on a property.
In this class we’ll discuss the ins and outs of the new T.O.M.fee – the pros and cons, how it works, how to fill in the new paragraph in the Purchase Agreement, when and how to amend it including sample language, and we’ll strategize together using life-like buyer scenarios.
We’ll also look at the timing of the TOM Fee period, the timeline for a transaction utilizing TOM fee, and how to include and/or exclude different inspections or document deliveries in the Time Off Market period.
This is a hands-on class with lots of discussion. We’ll even write and practice some scripts to prepare you to explain how the TOM Fee works to your buyer and seller clients and customers.
You may have your personal feelings about the new fee, but this class will increase your competence utilizing the new fee so you perform your role as a transaction broker.
Approved for 4 CE credits in the education category by the New Mexico Real Estate Commission.