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295 brokerage commission common for buyer's agent
QUESTION: Is a $295 commission or fee to my realtor's brokerage, inaddition to the 3% sales commissioncommon?
"As for the 295 transaction fee all the broker offices expect it on both side of the transaction in fact it used to be calla transaction fee and the respa rules changed it to a commission owed to the broker house for filing and storing closing papers for 5 years in case you need the file later on. I hate it and I try to pay it as a gift to my clients as I find it hard to pass on a
"A Nike Long Sleeve Hoodie commission of $295 will be charged to the buyer by Keller Williams Realty for processing and storage of documents."In a previous thread, I was given the impression that the buyer's agent commission was paid by the seller. The $295 was never brought up to me by my agent until I read it on the prepared sales contract offer
Below is an excerpt from her email response to my asking about said fee:
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SITUATION: I recently asked my agent to draw me up a purchase contract for a vacant lot sale in Palm Beach County, Florida. Added in to the contract was the below statement:
And I give them 26 % of the commission, so something to think about in the future with me and doing our own thing versus having a big time real estate name behind us and big time fee's to pay them
by the agent. We have a disclosure form that goes out with every packet, offer, whom agent represents, etc. If we didn't disclose it to the buyer and the seller wasn't willing to pay it then the agent had to pay forit outof their commission. On smaller deals that can be very annoying. It is an administrative fee in order to help pay for the staff. Now that I own my own brokerage I don't charge thesefees. But if you don't like paying it then make noise about it. It isn't mandatory and you are the consumer. I hope this helps.
or at length.
Does her response match with standard industry practice or should I push back on what in her own words is a 'bogus fee?'I lost my longer better answer somehow. Ideally this is discussed at a client's first realmeeting, and not sprung upon contract signing. Many clients balk and get the agent to pay it. From a purely practical point of view I wouldn't expect the agent to pay this out of an approx. $800 900 Net commission to them. On $150k or better deal, I'll pay it. Since I'm working my agent pretty hard and this is a minimal commission I'll go ahead and pay the fee without significant whining, but it probably should have been brought up prior to the actual contract being drawn up, so live and learn!
regardless. For instance I have my license and if I do a transaction for myself, I still have to pay the fee. It is not known as an additional commission where I am, it is a transaction fee charged by the broker and goes to the broker not the agent. As Wayne said either it is billed to the client or paid Nike Girls Tracksuits
Bogus fee in my opinion to my clients. As far as you and I discussing the this, I was hoping we would have discussed every page in detail on the offer and this would have been discussed but when we got to doing the offer it all went fast and we never discussed it or other items at all Nike Tracksuit Set In Grey
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Just my two cents, you would not get the transaction fee Nike Sweatshirt Black
Its like when the bank charges you to hold your money with a monthly fee
I did ask my broker as mentioned if I could pay on your behalf and she said I couldn't let me ask her another way if I don't put on contract paperwork and then pay them directly it wont seem like I am paying it at the closing table.
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