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Real Estate News And Advice
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February 12, 2012
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Response To: |
Response to Buyers Post
(bryantkeefe - 08/23/2000 09:42 AM)
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Main Topic: |
Oklahoma Eliminates Agency From Brokerage Relationships
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Seller's pay the commission?
Posted By: buyers - 08/23/2000 11:44 AM
Yes, most of the time sellers have equity in the home they are selling. Which after the buyer has paid all the closing costs, including the real estate commission, what money is left over is paid to the seller. As long as the commission is included in the price of the house, it is paid by the buyer. Ask any CPA or attorney. If there is not enough equity in the house to pay all the closing costs, this has happened to me twice, then the seller brings money to the table to make up the difference.
Bryant if you will send me your address I will be happy to snail mail you my booklet that explains all this.
In my Buyer Agency Contract the buyer agrees that any offers presented to a seller's agent is contingent on my company being paid half the commission, at closing, for professional services rendered. If the seller is a FSBO the offer is contingent on 3% of the purchase price be paid to my firm at closing. 3% being half the normal commission split in my area. The above is just the way I do business and in no way am I advising anyone else to use the same split or commission fee. If the commission split is more than 3%, or there is a bonus paid to the selling firm, my buyer client gets a check at closing for the over payment.
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