Real estate commission split disclosure

[stoney]

What is the name of your state?

Florida

I just discovered my real estate agent listed our home with a 3.5/2.5% split, not the normal 3/3%. This has proably turned off many agents from showing our home. Should this have been disclosed when we signed a listing contract? The listing expires in a week and we are not going to renew.

 

[HomeGuru]

What is the name of your state?

Florida

I just discovered my real estate agent listed our home with a 3.5/2.5% split, not the normal 3/3%.

**A: and just how did you just discover this? Did one of Santa's elves tell you?
Did you not read the listing contract prior to signing it?
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This has proably turned off many agents from showing our home.

**A: probably. Most likely.......and in all probabilty.
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Should this have been disclosed when we signed a listing contract?

**A: yes, of course. Wasn't it disclosed?
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The listing expires in a week and we are not going to renew.

**A: send a termination letter to the broker via certified rrr mail. Note that I said "to the broker".

 

[stoney]

No, Santa's elf did not tell me. I found out through another agent.

It is NOT in our listing contract, i.e. it was NOT disclosed.

What's the point of me sending anything to the broker- I stated the listing expires in a week and we are NOT renewing.

 

[HomeGuru]

No, Santa's elf did not tell me. I found out through another agent.

**A: huh? How could another agent know when you stated "It is NOT in our listing contract..."
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It is NOT in our listing contract, i.e. it was NOT disclosed.

**A: please explain.
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What's the point of me sending anything to the broker- I stated the listing expires in a week and we are NOT renewing.

**A: did you really read your listing contract? The broker could still be etntield to a commission under certain circumstances even AFTER the listing termination date.

 

[hexeliebe]

HG I have a strong feeling that this is going to turn into one of "THOSE" threads.....be afraid, be very afraid.

 

[HomeGuru]

I know, I know. Good morning to you hexy.

 

[stoney]

**A: huh? How could another agent know when you stated "It is NOT in our listing contract..."
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Because real estate agents have access to portions of the MLS that consumers (me) do not. The commision split is NOT stated in our listing contract, only the commssion due to the agency. What they do with it was not disclosed to us and it DOES have an effect on our home's sales.

**A: did you really read your listing contract? The broker could still be etntield to a commission under certain circumstances even AFTER the listing termination date.

Only if we sell to a party that viewed the home while under contract. Why would you assume I didn't read it? I did read the contract, hence my orginal question:

Should this have been disclosed when we signed a listing contract? I guess the answer is yes, and the agent is at least guilty of being less than ethical.

 

[hexeliebe]

Let me take a wild-assed guess here.

In your listing contract it states one fee, shall I guess 6%?

in the MLS listing the listing broker is taking 3.5% and offering 2.5% to agents and/or brokers who bring in a buyer.

If these facts are correct, it's really none of your business.

find another broker/agent and tell the old one you will not entertain any buyers referred by them once the contract has expired.

 

[stoney]

Let me take a wild-assed guess here.

In your listing contract it states one fee, shall I guess 6%?

in the MLS listing the listing broker is taking 3.5% and offering 2.5% to agents and/or brokers who bring in a buyer.

If these facts are correct, it's really none of your business.

find another broker/agent and tell the old one you will not entertain any buyers referred by them once the contract has expired.

You are exactly right about the split. It is not the norm for this area, and it is my business as it probably has cost me some showings and maybe a sale.

To say it's none of my business is not only incorrect, it's probably a disclosure issue that I will take up with the local board of realtors.

 

[HomeGuru]

**A: huh? How could another agent know when you stated "It is NOT in our listing contract..."
********

Because real estate agents have access to portions of the MLS that consumers (me) do not. The commision split is NOT stated in our listing contract, only the commssion due to the agency. What they do with it was not disclosed to us and it DOES have an effect on our home's sales.

HomeGuru response: then your initial post was incorrect when you said my real estate agent listed our home with a 3.5%/2.5% split. The truth is that your lisiting was for 6%. The split in the MLS is not a listing contract between you and your real estate broker.
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**A: did you really read your listing contract? The broker could still be etntield to a commission under certain circumstances even AFTER the listing termination date.

Only if we sell to a party that viewed the home while under contract. Why would you assume I didn't read it? I did read the contract, hence my orginal question:

Should this have been disclosed when we signed a listing contract? I guess the answer is yes, and the agent is at least guilty of being less than ethical.

HomeGuru response: you are correct and I agree. Your agent is an idiot.