Agent Fees

Asked by Ron Brooks, Harrisonburg, VA Thu Feb 7, 2008

Besides the "standard" commission--what other fee may apply to a buyer. Since I assume most agreements between buyer and agent are for 3 or 6 months---what happens if you want to end relationship early. What can you be charged for ? How bound are you to the 3-6 month agreement. Finally---in Fairfax County, what % of sales price is seller responsible for?

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James Downing, Agent, Dunedin, FL
Thu Feb 7, 2008
Buyer Agent agreements; aka "Buyer-Broker Agreements"; vary in length and are based upon agreement of the parties. It is a contract; so both parties are "bound" by the terms in the contract. The agreement can only be terminated with agreement of both parties (buyer and agent). However; many Real Estate Agents; such as myself; would allow a buyer to end the relationship for various reasons. However it is to be expected to complete the transaction with the agent, should you wish to purchase a home that the agent shows you.
While always negotiable; some agents may ask for a retainer up front; but this tends to be the exception. A good Buyer's Agent counts on not getting paid until they find you the perfect home. Anyone asking for money up front - I would stay away from.
The only other fee Real Estate Brokers usually collect are administrative fees ($200-$300); which are not collected until closing.
As far as what % sellers are responsible for... All commissions are negotiable and this varies house to house.
Please feel free to contact me directly for any further questions @
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