Who Pays the Buyer’s Agent?

Chris at Hauseit (https://www.hauseit.com) goes over who is responsible for paying the buyer's agent in a real estate transaction.

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In a real estate transaction, it's typically the seller who pays both the seller's broker and the buyer's broker. In fact, real estate commission is typically a seller closing cost, and the seller in a traditional listing arrangement agrees to pay a fixed percentage (often 6%) in commission if a property sells.

The listing agreement will often note that the seller's broker may split the commission according to local MLS rules if the buyer has an outside agent.

If the buyer has their own agent, then the seller's agent will co-broke (i.e. split) the commission typically 50/50 per association rules. Therefore, if the seller pays 6%, then the seller's agent will split 3% to the buyer's agent.

If the buyer does not have an agent, then the lucky seller's agent will get to keep all 6% in commission.

Therefore, it's important to understand that buyers are not responsible for paying for their own agent. This is a common misunderstanding by first time sellers and FSBO sellers especially. Buyers will not be paying for their Realtor, nor will they expect to. Commissions are a seller closing cost.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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