If you signed any documents w/ the Realtor showing you houses, ensure that there are no hidden fees in that contract and if there are, ask to speak w/ the Realtor's broker that you are working with and ask why you are being charges anything more than the commission split offered by the Listing Realtor.
Hope this helps,
If a different Broker brings the buyer the two split the commission.
Shorthand....it comes out of the sellers proceeds.
If the listing broker has both buyer and seller that firm gets all the commission which rarely happens.
The particular realtor then is paidat closing; less the brokerage fee by the Broker he/she represents.
So the simple answer is usually no. It is paid by the seller's proceeds.
I recommend you have a written buyer broker agreement so that you not only understand the process but that your realtor can represent you, to your benefit, as a single party broker.
There may be a small fee for a transaction coordinator. It usually runs from $75 to $150 and can be paid at close. The purpose is so the realtor can have all the paperwork in the contract reviewed to protect your transaction from oversights. You pay nothing if you do not close.
I would love to help you. You may call me at 405 226 0816 or e mail firstname.lastname@example.org
You may visit my website at http://www.kathypresley.com
Please feel free to ask if you have any other questions.
The agent gets paid at closing from the Home Seller. The customary way, is that both agents get paid by seller. It makes it easier for the agent if you give them all your details up front. It makes our job easier.
Ex. I am a first time home buyer(we can start letting you know about first time home buyer progarms if any are going on---save you more money, and let us know that you are not familar with the process and we can give you some idea of what is next step and so on.) Then let us know your criteria in what kind of home you are looking for (4 bed, 2 bath, must have garage etc.), what area, what your price range is, what your time frame is. The more info. we have the better we will be able to find excatly what you are looking for.
In our market most sales are cooperative sales where the listing agent (agent for the seller) and selling agent (agent for the buyer) split the commission which is paid by the seller.
However, many buyers are obtaining buyer representation and entering into an agreement with the selling agent prior to beginning the search for a home. That agreement may require an upfront fee, an agreement that the buyer will pay the commission if one is not offered by the seller (like a For Sale By Owner), or a transaction fee at the time of closing. If the agent you are working with charges a fee they should inform you in advance.
Keep in mind everthing is negotiable and ask questions.
CENTURY 21 Goodyear Green
If you signed a buyer agency agreement with the agent you should have a copy of it and it will tell you how the agent is to be compensated. Whether by the buyer, seller, seller's agent and/or other. The terms of the buyer agency are negotiable with the agent but most give the agent your representation regardless of how the house is procurred. Thus, meaning compensation is due when you buy and close on a property. My experience is most buyer's agents compensation terms are covered by the seller's agent and/or the seller. But, make sure you know and thoroughly understand these terms before signing. Surprises are no fun.
A lot of times I will work on good faith with a buyer (not necessarily the smartest thing to do) and hope that the buyer doesn't back door me. However, without a buyer agency agreement I cannot expect or demand legally to be compensated without that agreement in writing.
FYI- a phenominal buyer agent is invaluable.
Best of luck on your first home!
As a buyer, you typically don't have to pay anything out of pocket while looking to buy. If your agent wanted any upfront fee, (some do now) then it should have been brought up before you went out looking with them. So, don't worry about it. : ) Just enjoy yourselves while looking for your new home.