All these details should be clearly outlined in the listing agreement/Realtor contract.Here is more on Realtor contracts:
In order for a listing to be entered into the REALTORÂ® MLS, the sellers listing contract agrees to pay all the real estate brokers including exclusive buyer brokers. Exclusive buyer brokers do not list homes for sale. The sellers listing agent may keep a greater portion of the commission for themselves and pay the cooperating or exclusive buyer broker less. This is not always spelled out in the sellers listing agreement. Some sellers offer a bonus, on top of the commission, to the cooperating or exclusive buyer broker.
Some listing agents provide a limited service to sellers. The seller gets services they pay for. The listing agent may be paid after they enter the listing in the MLS. That may be the entire service provided to the seller. However, the seller must still pay a commission to the cooperating broker or exclusive buyer broker. That agent is then expected to close the deal.
Nothing obligates all cooperating agents to show a buyer properties with less desirable commissions situations. Only a buyer broker has the obligation to show any and all properties which meet the buyersâ€™ criteria and should not overlook a property because they donâ€™t like the commission arrangement.
A savvy for sale by owner always has a real estate commission built into the price of their property. They know an exclusive buyer broker may call them with a qualified buyer.
My office does not require a Buyer Broker Agreement. Some real estate companies will want the buyer to guarantee payment on a for sale by owner, a minimum percentage or amount of commission in the transaction. An experienced exclusive buyer broker does not need an agreement to obtain the buyers loyalty or their compensation.
Some listing companies or foreclosure banks require the buyer and sellers to pay a transaction fee at closing. The fee becomes evident when the offer is submitted. Buyers and sellers beware.
REALTORÂ® statistics show a good listing agent nets the seller as much they can get as a for sale by owner.
Buyersâ€™ should seek the assistance of an experience exclusive buyer broker.
All buyers will benefit from the FREE important information on my homepage at http://www.floridabuyerbroker.com
Beverly Howe, ABR, GRI, TRC, CIPS
Florida Buyer Broker
As Dan noted, everything regarding the sale of your home, including WHO pay the professional fees.
Customary practice for 99% of non-distressed home sales is the seller will pay these fees.
However, as pointed out earlier, not only is the rate negotiable but also who pays.
Now, I am sure I don't need to tell you there is a GIGANTIC difference between what is possible and what is advisable. You already know that if you want to actually SELL your home you really don't want to 'spook' potential buyers with exotic conditions. But you already knew that.
Best of success in selling your home.
Check out may Land O' Lakes listing.
Annette Lawrence, Broker/associate
Remax Realtec Group
All the best,
Alma Rose Kee, PA
Future Home Realty
This is normally negotiated when listing the house.
Check my you tube link here under.
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Fax: 281-646 1841
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