Quote:
Originally Posted by Serenoa
Not sure I understand when you say "buyers never have their own realtor". More than once (back in the days before the internet) I've had a realtor help me find a home to buy. In that case when the sale is closed doesn't my realtor spilt the commission (typ 6% divided by two) with the listing agent of the home that I bought? Or today, since real estate listings are so easily accessed & viewed on the web do most buyers just deal directly with the seller's agent?
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Yes, a realtor will be happy to help you find a house, just like a new car salesman will be happy help you buy a car. But, the seller signs a listing contract in which there is a 6 percent commission that the seller agrees to pay in full. The buyer pays no part of the commission. So, legally, the buyer has no one to represent them in the transaction, unless they hire a lawyer. Legally, the realtor has an obligation to represent the seller only, not the buyer. The only obligation the realtor has to the buyer is to act in an ethical manner and to not commit fraud against the buyer. Some states allow licensed realtors to represent the buyer, but not in Florida. So, buyers beware that all realtors are legally representing the sellers. It is unfortunate that many home buyers don't understand this legal relationship.