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Commission splitting

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longsally111

Member
What is the name of your state? South Carolina
So, we listed our home in Iggy and they put it on the MLS. They have a real estate side that states if you use them, they will give you back 75% of the commission. I have 2 friends that are real estate agents. One stated that it is illegal to split your commission with the buyer. One stated that it is legal if you give full disclosure beforehand. Does anyone know what the law is?
 


N

nextwife

Senior Member
The firm cannot PAY you a commission, however, if you receive multiple services from them (such as both buying and selling a home through them) they certainly can choose to take a lesser commission on your listing than their contract calls for.

So, it sounds as though the listing office is offering you the CHOICE to use your friend, someone else entirely, or use them. IF you use them on your home purchase, they will reduce the amount of commission they are charging you on the sale of your home. They can legally choose to reduce their share of commission.
 
L

longsally111

Member
here is where it is

That sounds sort of it but..... PLease check out the website iggy's house and see what they wrote. If my one friend is right, they are allowed to "kickback" 75% of the commission. I am NOT allowed to say to someone " hey go look at that house" and then put my hand out to the agent as a 3rd party. What she saw in the book ( from 2003 ) was that if full disclosure is given ahead of time and all parties know that the commission is going to be split, then it is ok. Please check out the site and tell me what you think.
 
H

HomeGuru

Senior Member
longsally111 said:
That sounds sort of it but..... PLease check out the website iggy's house and see what they wrote. If my one friend is right, they are allowed to "kickback" 75% of the commission. I am NOT allowed to say to someone " hey go look at that house" and then put my hand out to the agent as a 3rd party. What she saw in the book ( from 2003 ) was that if full disclosure is given ahead of time and all parties know that the commission is going to be split, then it is ok. Please check out the site and tell me what you think.
Click to expand...
**A: get a letter signed by the principal broker explainng the 75%. Then post back the contents of the letter. This I got to see.
 
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