Quote:
Originally Posted by Plinker
I’m not sure we are on the same page. I understand what the duty is of a sellers agent but this has nothing to do with the splitting of the commission. If a seller agrees to pay their broker a 6% commission, then that commission is split. At closing, the sellers agent will pay around half of their 6% commission to the buyers agent. Thus, the seller paid both the selling and buying agent fees. If the agent for the seller also brings a buyer then they get the entire 6%. This is known as double dipping. You mention that you paid the commission, as is customary. If a buyer has a realtor who shows and sells them a home then this is when the split occurs. May I ask what commission rate you paid? If it’s 5 to 6%, then you paid both agents. This is why the FTC got involved.
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It's about representation. Under Florida law, an agent cannot represent both the buyer and the seller. When I sign a listing agreement, it is clear that any licensed agent who shows my house is representing me, the seller. If an agent has a written agreement to represent the buyer, they cannot show my house because they are acting as an illegal dual agent. At closing, the entire commission is paid by me on the seller's side of the closing statement. If it turns out that an agent showing my house has a buyer's agent agreement, they are violating both the listing contract and Florida law. I am willing to pay an agent to represent me in selling a house, but, I will not agree to pay any commission to a buyer's agent. I expect agents to treat buyers and sellers fairly, but, I expect them to act in my best interest to get the best price, since they are representing me, the seller.