09/05/2024
DID YOU KNOW
The way real estate commissions are paid has changed!
It used to be that homebuyers did not pay their Realtors, instead the seller paid their agent and the seller's agent paid the buyer's agent. But this has now changed.
This is a summary of the new rules:
1. Seller's Agents may not advertise on the MLS that a commission is being offered to the Buyer's Agent
2. Buyers must have a written Buyer's Agreement with their Agent before viewing a property. This agreement must stipulate how much commission the Buyer will pay their Agent
3. Buyers may request the seller to pay the commission to the Buyer's Agent during contract negotiations
4. Buyers can also request the Seller give them a "closing cost credit" with which the Buyer can pay their Agent at closing
This means Buyers should be prepared to cover the cost of their Agent's commission, in the event the Seller does not agree to do so.
As always - commissions are negotiable and there is no "standard" commission.
Let me know if you have any questions!