who pays the comission?

Asked by Diane13x, Richmond, VA Fri Jan 11, 2013

I saw property in one area but did not buy property.I signed a six month agreement,I eventually found a property in another area with a friend who is also a broker. who pays the commission to the broker?

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Angelikaproperties’ answer
Angelikaprop…, Agent, SAINT PETERSBURG, FL
Sat Jan 12, 2013
You need to be more specific on what type of six month agreement you signed. If it was an exclusive buyer-broker agreement and you found and bought the other property during that time frame, you might/probably owe that broker a commission. Consult with an attorney, and look over the language in whatever agreement you signed.
0 votes
Fred Strickr…, Agent, New Port Richey, FL
Sat Jan 12, 2013
If I understand you question correctly, you signed a exclusive buyer's agent agreement which likely entitles you to oay a commission to the agent's broker where you signed the agreement. The effective dates and commission due should be outlined in the agreement. The agent who sold you the home would have been wise to ask if you had such an agreement. The agreement likely outlines the methods for resolving disputes, i.e.arbitration, mediation, etc. It is best for you to consult with an attorney.
0 votes
Angelikaprop…, Agent, SAINT PETERSBURG, FL
Sat Jan 12, 2013
In Real Estate everything is negotiable, however, traditionally, the seller pays the commission, in the case of a sale, and in the case of a rental, the property owner, but remember, EACH CASE IS UNIQUE AND EVERYTHING IN REAL ESTATE IS NEGOTIABLE. I suggest you check the contracts involved.
0 votes
Ann Ryan, Agent, Doral, FL
Fri Jan 11, 2013
It sounds like you signed a buyer's broker agreement.... if that's the case, then you need to talk to a lawyer ASAP. I hope that you've discussed this with your friend, because things could get very ugly.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Jan 11, 2013
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,,,,or, ask yourself this question:

If a buyer negotiated their lowest price on a listed property, and then if the seller didn't have to pay the 6% real estate commission, and could then lower the sales price another 6%, who then is actually paying the real estate commission?

As a Florida Mortgage Broker, I know the real deal, so when I go out looking at property in the morning with my realtor partner, you can bet I'm not about to forfiet 3% of my potential equity!

On a 300k property that pays my buyer's agent 3% = $9,000, I'm going to let my agent keep $4,000 and rebate $5,000 to pay towards my closing costs.

Read here

http://www.trulia.com/blog/edit/421595/
0 votes
Shanna Rogers, Agent, Murrieta, CA
Fri Jan 11, 2013
Hi Diane13x,

The seller usually pays all commission - to the Listing Broker and then the Listing Broker pays the Selling Broker (buyer's agent's Broker).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Meir Aloni, Agent, Plantation, FL
Fri Jan 11, 2013
The property owners will pay (unless the signed contract to buy states otherwise)....
With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Jan 11, 2013
Hi Diane13x!! The seller pays the commission.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jan 11, 2013
Are you just trying to make it complicated?
The Seller, whomever that might be, pays the LISTING Broker, and he pays everyone else.
The Buyer pays no one, so don't sweat it.
0 votes
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