Home Selling in Richmond>Question Details

Tom, Home Buyer in Saint Davids, PA

If you are a co-owner of a house 50/50 and your partner wants to buy you out. Does the Realtor commission?

Asked by Tom, Saint Davids, PA Tue Mar 3, 2009

(6%) go entirely to the buyer? Even if no Realtor is involved? -- Thanks

Help the community by answering this question:

Answers

4
As everyone else says - no Realtor, no Commission! If you and your partner were to go ahead and list the home for sale, then you would be signing a listing agreement with whatever Realtor was involved, or if you are selling FSBO and your ulitmate buyer has a Realtor, you may have to pay a commission to the Realtor working with the buyer (depending upon the contract). If you listed the home with a Realtor, the commission would be agreed to at the time of listing with the Realtor and the commission would be deducted from your proceeds at closing, then whatever is left over after paying the costs of sale would be paid to you and your partner. But if your partner is simply buying you out and you have no Realtor involved, then you do not have a commission to pay. You should, however, consult an attorney to make sure you are protected in this transaction. Good luck!
0 votes Thank Flag Link Wed Mar 4, 2009
It depends on whether the property is currently listed. In NC our listing agreements state that is the property is sold, conveyed or exchanged during the listing period the listing company is due a commission. You will need to discuss with the real estate broker of the company or your individual agent.

If the property is not listed, there is no commission due.
0 votes Thank Flag Link Wed Mar 4, 2009
No REALTOR, no commission usually, but you can say tot he other party that since it will cost later down the road to sell, there should be an amount deducted for not just sales commission, but the transfer tax.

Having said that, do get an attorney to sort it out. Get one that is familiar with all these types of transactions.

I can recommend someone. Email me fred@fredglick.com
Web Reference: http://fredglick.com
0 votes Thank Flag Link Wed Mar 4, 2009
No Realtor - No Commission.

You need a lawyer to handle this and you would pay the lawyer.
0 votes Thank Flag Link Tue Mar 3, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer