>> Thanks Howard. But I thought that typical commission was 3%, for the buyer's agent. So if the house was 740K the commision would be 22.2K...... I thought the relo company took 40%, leaving $13,320. and the remainder was split between the broker and agent, depending on their agreement.....which typically is 50%.
YES Jim that's very close to being a perfect understanding. Except that the more typical total commission is 5% not 6%. So the ACTUAL buyers agent would only make 1.25%, not 1.5%.
Anyway, this is academic. Your friend is not allowed to accept official compensation from you for your transaction. This would be completely illegal. BUT ... GOOD NEWS is he IS YOUR FRIEND and Christmas is just around the corner. So get him something really nice if you like. Assuming that your friend is a typical guy and likes electronics, either of these would be a really nice thoughtful gesture:
Western Digital WD TV Live (I own this and it's awesome)
Roku HD XR (I'll be getting this very shortly - excellent for streaming movies from the Internet)
Congratulations that you have a really good heart though! And West Chester is an awesome town. I forget the name of the Japanese place there but it's great.