Property Q&A in Morristown>Question Details

Placesk, Renter in West Orange, NJ

Who pays the broker fee/commission for this property?

Asked by Placesk, West Orange, NJ Thu Jul 14, 2011

Thanks!

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This question is about this property: http://www.trulia.com/property/1053761932-32-Stonehenge-Rd-M…

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5
As a buyer, you are in an incredibly powerful situation...it is a buyers' market. More importantly, it will cost you nothing to work with a buyers' agent. A buyers' agent will spend many hours educating you on how to buy a house and the process it takes, and will represent you in all negotiations. Yes, a buyers' agent works for you. A buyers' agent has all kinds of responsibilities to you. One of those responsibilities to you includes asking you to sign a document giving the buyers' agent permission to get paid by the seller. In other words, by signing a Buyer Agency Aggreement, you are allowing your buyers' agent to get paid by the seller for all the work he or she will do for you. That work should include helping you find the right home, negotiating on your behalf (that would be the big part) and being at the closing to celebrate your new home. As a frequent buyers' agent I also expect you to invite me to your home at some point, so I can see what wonderful things you have done with it or just enjoy a sandwich and a glass of iced tea. Working with a buyers' agent should cost you nothing in the overall scheme of things. Why rent when you can buy? Let's find out what mortgage options are available to you.
0 votes Thank Flag Link Thu Jul 21, 2011
Place,

Sellers typically pay the commission out of their gross proceeds on most listings.

I see that you are registered on Trulia as a renter, and perhaps that's why you asked this question regarding the SALE of a home and the commission.

In rental situations the commission (usually a total of one month's rent, but can vary according to the listing agreement) , also depends on the listing agreement and what the landlord agreed to. It can be paid by the landlord only, the tenant only, or split 50/50 between the landlord and tenant.

Hope that clears up what I guess was your confusion.

Mary Petti
0 votes Thank Flag Link Fri Jul 15, 2011
Placesk,

The real estate commission is paid by the seller. The house also offers the buyer a Home Warranty!

Gina Chirico, Sales Associate
Lattimer Realty
Gina@GinaChiricoRealEstate.com
0 votes Thank Flag Link Thu Jul 14, 2011
Good Afternoon,
This home is currently available for Sale and the commission is being paid by the selling side. The owner agrees to pay their agent a specific % and the selling agent then offers out the commission to the agent that brings the buyer. So the buyer is not obligated to pay any part of the commission. I hope this information was helpful. Please let me know if you would be interested in viewing this home. I can be reached direct at 973-519-2340

Best Regards,

Ida Mae Lozirk, SFR Certified
RE/MAX Heritage Properties
0 votes Thank Flag Link Thu Jul 14, 2011
Hi "Placesk"! It depeds on whether or not you have a buyer's agency agreement. But generally, if it is not a short sale or REO (foreclosure), then it would be paid by the seller.

Happy House Hunting!
Barbara Bertone, Realtor, CDPE
RE/MAX Platinum Group
cell 201-214-8400
http://www.BringMeHomeNJ.com
0 votes Thank Flag Link Thu Jul 14, 2011
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