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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Commission
As I've mentioned in a previous post, my boss is going to be our broker. She told me that she doesn't want a commission but would rather give us the money as a gift to use towards our down payment or closing costs. Does anyone know if this is possible? I'm going to ask our attorney but figured maybe I'd get an answer here since everyone is so helpful!
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Posted 6/16/11 12:37 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Commission
anyone??
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| Posted 6/16/11 12:09 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Commission
you are the buyer right? The commision comes out of the sellers proceeds so what your boss would probably ahve to do is take the commision but turn around and give it to you. You wouldnt receive it until the closing.
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| Posted 6/16/11 12:17 PM |
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Re: Commission
The commission is going to be paid out by the seller's attorney, from the seller's proceeds. It's not paid by you. The buyer generally has nothing to do with the commissions.
When taking the listing, the listing agent negotiates a commission with the seller with the understanding that a certain portion of that commission will be offered out to cooperating agents on MLS (to entice them to bring their buyers). Usually the listing agent offers out 2% to the selling agent (i.e., the agent that brings the buyer to the deal). 2% is standard on LI, but it can be a little more or a little less... really up to the listing agent. Again, this percentage being offered out is stated on the version of the listing that your realtor can access (not the consumer version), so everyone knows this upfront.
The best and simplest thing to do would be to not mention anything about this to the seller or the attorneys. Just let the seller pay out the commissions from the proceeds to both agents/brokers involved, as per the usual process. Then, after closing, your agent can give you back the money she earned from the deal. That would be a private arrangement between you and your agent, and no one needs to know.
If your agent lets the seller and the seller's agent and attorney know she is not going to take the commission, it could be argued that she is "rejecting" the 2% offered out, and then the listing agent will keep the entire commission and just not pay your agent the 2% offered.
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| Posted 6/16/11 12:19 PM |
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Re: Commission
I would just be nice and mention to her that she is going to owe taxes on this commission- so to be sure to take some money from the commission and put it aside
it's a very nice thing for her to do
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| Posted 6/16/11 2:50 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Commission
Posted by Beth EXIT Realty
I would just be nice and mention to her that she is going to owe taxes on this commission- so to be sure to take some money from the commission and put it aside
it's a very nice thing for her to do
Oh we are definitely planning on making sure she has the money for the taxes she will owe and not to mention get her a nice gift/take her to dinner. She's a sweetheart!
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| Posted 6/16/11 7:22 PM |
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