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Posted: 5/26/2021 3:29:07 PM EDT
My real estate agent - who works for a brokerage wants me to sign an acknowledgement with the following:

COMPENSATION FROM BUYER
[Realty agency name] earns compensation when the efforts of any agent of [Realty agency name] successfully match a buyer with
a seller resulting in a contract for sale. At time of closing Buyer’s represented by  will be responsible for paying an
additional commission fee of $895 at closing. The additional commission of $895 is not shared with the agent.
View Quote


How common is this practice in FL? The agent forgot to tell me about it before the search began. I am already committed to buy (with her help). She did agree to split the fee 50/50. However, I wonder is this typical and what other brokerages usually charge?
Link Posted: 5/26/2021 4:27:43 PM EDT
Originally Posted By jdoc09:
My real estate agent - who works for a brokerage wants me to sign an acknowledgement with the following:

COMPENSATION FROM BUYER
[Realty agency name] earns compensation when the efforts of any agent of [Realty agency name] successfully match a buyer with
a seller resulting in a contract for sale. At time of closing Buyer’s represented by  will be responsible for paying an
additional commission fee of $895 at closing. The additional commission of $895 is not shared with the agent.
View Quote


How common is this practice in FL? The agent forgot to tell me about it before the search began. I am already committed to buy (with her help). She did agree to split the fee 50/50. However, I wonder is this typical and what other brokerages usually charge?
View Quote


I just bought a home and definitely did not pay that
Link Posted: 5/26/2021 6:54:01 PM EDT
Politely tell them no. I've bought plenty of houses and two commercial buildings in Florida and I've never seen that before. Probably just jacking up their prices because of the hot market.
Link Posted: 5/26/2021 7:43:19 PM EDT
That would be a fee generated because of a hot market. Nothing more then a money maker.  I bought a house in Aug. Didn't pay any sort of fee to the realtor except the standard commission.
Is it in the paperwork you signed?
Link Posted: 5/26/2021 8:54:15 PM EDT
It's possible it's a fee generated by the brokerage that the agent works for and it is simply being passed on to you.

What company/brokerage does the agent work for?


Link Posted: 5/26/2021 10:15:28 PM EDT
Link Posted: 5/26/2021 10:33:49 PM EDT
It's Align Right Realty South Shore. The agent claimed "it's standard" practice. I do like her and felt that she is responsive and helpful. I suspect that if I refuse to pay it, she will end up paying it herself. However, I don't like the whole "I forgot", please sign this...
Link Posted: 5/26/2021 11:00:45 PM EDT
[Last Edit: 5/26/2021 11:02:17 PM EDT by Pallas]
I paid nothing but the agreed to price when I bought my house 5-6yrs ago. Same with the buy who bought my other house 5yrs ago. You could tell them to get bent, I probably would, but the real estate market being what it is *shrug*

Someone wants to buy my home, it's not for sale, and I gave their agent a pretty high price and told her I wasn't paying her commission, be interesting to see if they come back.
Link Posted: 5/28/2021 9:19:57 AM EDT
As others stated, that is not common practice; just another fee when the market is hot and the broker can match people from their living room office.  Find a local realtor in the area you want to move to, and go the traditional route, or search the MLS and use the listing agent to minimize fees.
Link Posted: 5/28/2021 2:31:39 PM EDT
Just find another agent.
Link Posted: 5/28/2021 10:38:23 PM EDT
[Last Edit: 5/28/2021 10:38:43 PM EDT by davewvu86]
If she said it's a standard practice, she's an idiot or a liar. Either justifies finding a new agent.
Link Posted: 5/30/2021 10:20:26 AM EDT
[Last Edit: 5/30/2021 10:24:54 AM EDT by FuelFlorida]
See I didn't think much of the extra $900 that they want, what bothered me is that you are on the hook for their commission once they write a contract. I have never heard of owing a real estate agent money until closing. So they could write a contract and then the deal could fall apart and then they can sue you for their commission. That sentence is in there for a reason. I would tell them to fuck off.
Link Posted: 6/3/2021 9:05:52 AM EDT
Closing Monday ... I don't see anything like that in my Closing Disclosure.
That seems kind of hokey to me and taking advantage of a really hot market.
As if things weren't bad enough out there already.
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