We have the same system in Florida. Sellers pay the full commission. This is split between the selling and listing brokerage. Buyers only pay a few hundred dollar in fees to the title company. UNLESS the get a mortgage than it is a different story.
email from North Carolina . We will be relocating to Philadelphia and are looking to buy a home We saw your profile and web site on the internet. We would like you to help us find a home. How much do you charge ?
ANSWER. If you employ me as your Buyer’s agent, you do not have to pay me any thing. I will accept the fees offered by the seller’s agent as mentioned in the multiple listing.
When a seller lists with an agent , the seller offers a certain amount to the listing agent and the agent signs a contract with the seller as to how the agent will split the fees with another agent who procures the buyer. This amount is mentioned in the mls .
The amount is paid to buyer’s agent at settlement. If you do not buy a house I do not get paid for my time and expenses.
When you sign a buyer’s agency contract with an agent , you should read it carefully. Some agents may mention that if the seller does not pay a certain amount, you may have to pay the difference. The term of contract and fees are negotiable.
If you need legal advice before signing the contract, talk to an attorney. Please note that laws vary by state.