Buyers Fee of 4% for commission?

[Gigi1437]

Hello,
So I am currently in the process of buying a home. We are closing in a few days actually and sold our home about a month ago. My understanding has always been that the commissions are paid by the sellers (as we paid them when selling our home). So now, we are going over our Closing Disclosure and we see a commission for 5,000$ that is being paid by us, in addition to the typical commission coming from the Seller. I asked my realtor about this and she said yes, that we signed a buyers contract for 4% and that we are left with the difference of 1% (5,000) since the seller was already doing their 3%. Is this typical practice? Because I can't help but feel that we were taken for fools and squeezed out of every penny they could. I just want to understand if this is common practice because her responses was just that that was the fee her company charged for finding and buying a home. Obviously, we were foolish enough to sign this when we started working with her, but I honestly did not understand that at the time. Any thoughts?

 

[Zigner]

First thought: What US state?
Second thought: What does your agreement say?

 

[Gigi1437]

First thought: What US state? Florida
Second thought: What does your agreement say?

Broker's compensation is earned when, during the term of this Agreement or any renewal or extension, Buyer or any person acting for or on behalf of Buyer contracts to acquire real property as specified in this Agreement. Buyer will be responsible for paying Broker the amount specified below plus any applicable taxes but will be credited with any amount which Broker receives from a seller or a real estate licensee who is working with a seller. (a) Purchase or exchange: $________________ or ____4__% (select only one); or $________________ or ____4__ % plus $____________295_______ (select only one) of the total purchase price or other consideration for the acquired property, to be paid at closing.

 

[Just Blue]

Broker's compensation is earned when, during the term of this Agreement or any renewal or extension, Buyer or any person acting for or on behalf of Buyer contracts to acquire real property as specified in this Agreement. Buyer will be responsible for paying Broker the amount specified below plus any applicable taxes but will be credited with any amount which Broker receives from a seller or a real estate licensee who is working with a seller. (a) Purchase or exchange: $________________ or ____4__% (select only one); or $________________ or ____4__ % plus $____________295_______ (select only one) of the total purchase price or other consideration for the acquired property, to be paid at closing.

For the second time...

WHAT STATE??????

 

[Zigner]

For the second time...

WHAT STATE??????

She fixed it - Florida

EDIT: She included it in the quoted text, so it's easily missed,

 

[Just Blue]

She fixed it - Florida

EDIT: She included it in the quoted text, so it's easily missed,

What a bizarre way to "fix it".

 

[Zigner]

Broker's compensation is earned when, during the term of this Agreement or any renewal or extension, Buyer or any person acting for or on behalf of Buyer contracts to acquire real property as specified in this Agreement. Buyer will be responsible for paying Broker the amount specified below plus any applicable taxes but will be credited with any amount which Broker receives from a seller or a real estate licensee who is working with a seller. (a) Purchase or exchange: $________________ or ____4__% (select only one); or $________________ or ____4__ % plus $____________295_______ (select only one) of the total purchase price or other consideration for the acquired property, to be paid at closing.

Let me rephrase:
You will need to review your contract for the information you are looking for. If you do not understand your agreement, then you should have it reviewed by a local attorney. Contract review is beyond the scope of this (or any) internet forum.

 

[Gigi1437]

Jeesh...... thanks a lot for your help!

 

[Gigi1437]

My initial post was not asking anyone to analyze my contract...... you were the one that asked what it said so I copied and pasted it. I was describing what happened to me and asked if this was common or heard of before.

 

[Zigner]

My initial post was not asking anyone to analyze my contract...... you were the one that asked what it said so I copied and pasted it. I was describing what happened to me and asked if this was common or heard of before.

Common, uncommon, heard of, or even unheard of...your contract is what controls the matter.

 

[Zigner]

thanks a lot for your help!

You're welcome. One is glad to be of service.

 

[Just Blue]

My initial post was not asking anyone to analyze my contract...... you were the one that asked what it said so I copied and pasted it. I was describing what happened to me and asked if this was common or heard of before.

As Zig just pointed out it truly doesn't matter what is common or heard of before. You signed a contract. If you feel like you have been "taken for a fool" ...that is your own fault for not reading the contract before signing.

 

[Gigi1437]

I just wanted to know if it was common to charge a buyers commission fee, I thought that would be a fairly simple question to answer to anyone that knows about realtor commissions. I do not obviously and absolutely should have done more research before signing that contract. So yes, shame on me. But I honestly have to say, that as a forum, I did not feel very welcomed, just attacked. Sorry I posted on here. Hope everyone has a wonderful day!

 

[Just Blue]

I just wanted to know if it was common to charge a buyers commission fee, I thought that would be a fairly simple question to answer to anyone that knows about realtor commissions. I do not obviously and absolutely should have done more research before signing that contract. So yes, shame on me. But I honestly have to say, that as a forum, I did not feel very welcomed, just attacked. Sorry I posted on here. Hope everyone has a wonderful day!

You are not being attacked. You are being given the legally correct answer to your question.

For what it's worth: I'm in NV and my sis payed a point on her new home while the seller payed 2 pts.

 

[Zigner]

I just wanted to know if it was common to charge a buyers commission fee, I thought that would be a fairly simple question to answer to anyone that knows about realtor commissions. I do not obviously and absolutely should have done more research before signing that contract. So yes, shame on me. But I honestly have to say, that as a forum, I did not feel very welcomed, just attacked. Sorry I posted on here. Hope everyone has a wonderful day!

You're not being attacked. You are being advised that your contract is what will control the situation and that, if you don't understand the contract, then you need a pro to review it and explain it to you. I believe that you are frustrated (totally understandable), and that is causing you to lash out at us.