Uncle Sam may have his bite of my pie, I have no choice - he's that annoying little relative that always shows up.......... but I refuse to him him even a spoonful of my ice cream! I'll let it melt before he can have it.
Glad you're getting your much needed rain down there in TX !
Angela did an excellent job of explaining the commission split in a transaction..
Bacially, think of a pie - cut it into 4 pieces. That's how the commission usually gets divided up! The slices of pie, howver, may not all be the same size!!
Each of the 2 brokers in the transaction will share their "slice of the pie" with their agent.-- that makes 4 slices of pie all together!......Great - .now I am hungry for a piece of blueberry pie!!
The 6% Commission is paid to your listing broker for the marketing and successful sale of your home. The lising broker will split that commission with the Broker who brings the successful buyer. Whether it is an even split or an uneven split, is up to you and your agent.
In Texas, all fees are negotiable. Be sure to read your listing agreement if you have one, as those commission offerings are clearly expressed in the contract. Your Realtor should go over the Listing Agreement with you in detail.
Sometimes, the Listing Broker will receive 3% and the Buyer Broker will receive 3%. Others, it will be split 2% and 4%. However, it varies in every market and even from Broker to Broker. Even the 6% is negotiable.
Have a great weekend!
Debbie that was really good.
Abcinusa, I failed to mention the Broker/agent split. That is a good piece of the pie to understand. Many people believe their agent walks away from the deal with 2,3,4% commission. But she explained an important piece for sellers to know.
There are even more pieces...haha...but I'll spare you the grief! Okay...a glimpse...So I, the agent, carry my Broker's piece of the pie back to the office to split. My Broker gets a piece, Uncle Sam gets I nice piece, and I get the final slice! MMMmmmm! Ice cream would be the occasional bonus! Did Uncle Sam want Ice Cream too? Oh yes! Do share! :)