Is it legal for a real estate agent to purchase a property and take commission on the sell?
I am selling a property in Florida through an agent. The buyer is also an agent and is asking for half the commission. Sounds just odd enough to be legal. But is it?
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Tags: Buyer Agent, Property Florida, Sounds
sell property | , 24 May 10
By Ken, May 26, 2010 @ 1:08 pm
Yep, completely legal. Happens all the time.
By angela, May 28, 2010 @ 11:52 am
Yes, it’s legal. You are paying commission to the selling broker. The selling broker then divides the commission between the listing agent and the selling agent. Realtors usually have to disclose if they are a Realtor but there’s no reason they shouldn’t get the commission from the sale.
By glenn, May 30, 2010 @ 2:33 am
I know it is legal in Texas. Although what I did the last time I bought a home was that I asked the owner to pay for my closing costs instead of paying me a commission (it came out to the same amount). That way I had no taxable income in the deal.
I believe FHA has a rule that agents cannot use the commission as their down payment.
By Ronald Zemetres, June 1, 2010 @ 2:50 am
Yes, and it does happen all the time. When you listed your house with your listing agent you agreed to give them a certain % of the sales price for a commission. Then It is agreed the a % of that be given to the agent who brings a buyer. If you agreed to give a 50% spilt to the buying side then yes he should get half of the agreed commission.
He did bring a buyer (himself) a buyer is a buyer.
He does have to disclose that he is a licensed Realtor. Which it sounds like he did.
By newmexicorealestateforms, June 2, 2010 @ 9:16 pm
Nothing prevents a licensee from getting a commission on a sale or a purchase. The only sticking point when a licensee is getting a commission and they are also the principal in a transaction is that they disclose in writing to all parties involved that they have a license.
By intownjacksonville, June 3, 2010 @ 4:40 am
of course its legal. you are paying the selling broker (your broker) to bring you a buyer. the selling broker has agreed to pay the buyers broker half of their commission if they bring a buyer. REMEMBER you arent paying the agent – you are paying the selling broker who then pays the buyers broker who then pays their agent (who also happens to be buying the house). that buying agent isnt getting all that money, the brokers are the ones being paid.