I am looking a new condo (expected to be completed in 2009) Do I need a buyer's realtor? If I need

Asked by Tae, Texas Thu Apr 17, 2008

one,(there is one agent who initally introduced this condo project) how does he get paid? Plus estimated closing cost is about 6.3%, do builder usually include buyer's broker commission? Please help ASAP

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Aileen-Manha…, , New York, NY
Sat Apr 19, 2008

Great questions.

Answer to question 1: I believe it's in your best interest to hire a Realtor (different than a real estate sales agent) to represent you when purchasing a new development condo. They're going to get notices of buyer incentives and newly released apartments from the developer; and depending on the market, they can negotiate the closing costs and price for you, etc... Formalize the working relationship by signing a Buyer's Broker's Commission Agreement (or something similar) and make sure your Realtor is legally obligated to work for your best interest in the transaction.

Answer to question 2 & 3: You can ask the condo building's sales office for their policy in this situation. Email them, directly, and ask them for an answer in writing. Most new condo developments offer a buyer's broker commission. Generally, a buyer walking into a new condo development (without their agent), must register their agent before or upon the first viewing/showing. If this doesn't occur, I know of quite a few developments that decline to pay for the buyer's broker's commission. Personally, in this situation, I register my buyers - as I make the appointment for the viewing - confirm the appointment the morning of viewing and attend the viewing/showing with my buyers.
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Bob Allen, Agent, Athens, GA
Thu Apr 17, 2008
In most markets the buyer's agent is paid via the seller, so it will not cost you anything to be represented in the transaction. Not having someone working for you could be very costly. If you do not know a Realtor in your area I would be glad to refer you to one.
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