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By David deForrest We are planning on
moving to the Miami area very soon with my husband's job. The home we are buying
here was straight from the owner. NO agents involved. I have no Idea how this
works so can you please explain? If we are looking for a home to buy that's on
the market and the seller has agreed to sell through a Realtor and give that
Realtor a commission for the selling of the home why should we give the Realtor
a commission also? I know some Realtors do this. They double their money by
getting commission from both the seller and the buyer! Is that legal? And do all
Realtors do that?
At least in this area, real estate commissions are usually
paid by the Seller of a property. A buyer would not
normally expect to be charged a broker's fee for participation in a
transaction. We certainly
never have had occasion to do this. This might occur, I
suppose, if you wanted a us to negotiate and contract for the purchase of
some property not listed and where the Seller adamantly refused to accept an
offer through a broker that would result in a commission due. But a case
like that would have to be arranged in advance between the Buyer and the
Broker, it wouldn't fall on you like some kind of evil surprise.
There would be nothing illegal in a Broker being paid for
services by both Buyer and Seller as long as the
arrangement was open and disclosed to both parties, but it is not done
around here at least. They must have some mighty greedy Realtors where you
come from or, more likely, there is some misunderstanding on your part about
what goes on back home. If not, tell me where you're from so I can open a
branch (joke).
Anyway, feel free to get the benefit of having an agent assist you with your
purchase, you won't end up paying double in my shop (or any other I have run
across in Miami for that matter).
There are a large and growing number of Brokers who collect nuisance fees from
Buyers (often called transaction fees, administrative fees etc.) This has
become very common although I personally consider this an abuse. Why? One,
because we have already been paid for the work we do in the
form of the fee charged back to Seller or to his agent if listing is with
another firm and secondly, because Buyers are never really informed
about this when they view property with these agents. Anyway, this
will not happen to you at Buy the Beach Realty either.
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