Buyers Fee of 4% for commission?

[PayrollHRGuy]

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.

If you signed an agreement with a real estate broker or salesperson to assist you in buying a house and they did that you would pay whatever was agreed to in the contract you signed. I really don't understand why you would think otherwise.

 

[LdiJ]

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!

Yes, its a relatively common thing. It is not unusual.

 

[quincy]

A rather standard commission would be 6% of the selling price of the home, with 3% going to the selling broker and 3% going to the buying broker - and this is often an expense paid by the home seller at closing, out of the proceeds from the sale.

But there are all sorts of variations on this - and you apparently signed a contract with one of the variations.

It is important to read all contracts carefully. The commission can often be negotiated.

 

[HighwayMan]

Why anyone would purchase any real estate without being represented by an attorney is beyond me, although I know in some areas of the country it's common to not have attorneys involved.

Most RE attorneys charge a flat fee for closings and it's a relatively modest sum especially when you consider the problems it can save you from.

 

[LdiJ]

Why anyone would purchase any real estate without being represented by an attorney is beyond me, although I know in some areas of the country it's common to not have attorneys involved.

Most RE attorneys charge a flat fee for closings and it's a relatively modest sum especially when you consider the problems it can save you from.

In my area attorneys are NEVER used. The title companies usually have an attorney on retainer that they consult when questions arise, but otherwise everything is handled by the title company.

 

[quincy]

Why anyone would purchase any real estate without being represented by an attorney is beyond me, although I know in some areas of the country it's common to not have attorneys involved.

Most RE attorneys charge a flat fee for closings and it's a relatively modest sum especially when you consider the problems it can save you from.

It would be unusual in Michigan for an attorney to be involved in anything but the closing of the sale, although it is smart for the buyer to have an attorney review a purchase agreement prior to signing and for the seller to have an attorney review the purchase agreement prior to acceptance.

Usually the real estate agents and their brokers handle the sales, though.

 

[Zigner]

In my area attorneys are NEVER used. The title companies usually have an attorney on retainer that they consult when questions arise, but otherwise everything is handled by the title company.

"NEVER", or only "very rarely"?

 

[quincy]

"NEVER", or only "very rarely"?

For some real estate sales (often sales of commercial, estate or investment properties), it would not even be rare to have attorney involvement. But house sales can be handled without attorneys and often are.

 

[LdiJ]

"NEVER", or only "very rarely"?

I don't know of any instance where an attorney was used. Title companies take care of it all. I know that in Illinois, for example, an attorney is always used, but here I don't think that they are ever used. I suppose that its possible that in some odd situations that an attorney could end up being involved, but they wouldn't handle the closing, the title company would handle that.

 

[STEPHAN]

In FL it is unusual to use attorneys. Title companies are VERY experienced. The worst closings and the biggest mistakes I have seen in FL were by unexperienced attorneys.

 

[quincy]

In FL it is unusual to use attorneys. Title companies are VERY experienced. The worst closings and the biggest mistakes I have seen in FL were by unexperienced attorneys.

It really depends on the particular real estate transaction and the parties to the transaction. There is no "never" or "rarely" here.