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Answers (5)
Best Answer
- Michael Emery, "MikeEmery"
- Contributions:7288
Unless you have a specific situation where you (the buyer) are paying your agent their commission, the Realtor commission is deducted from the proceeds of the home seller. The commission is deducted at closing.
- Rich Bosselmann, "rbosselmann"
- Contributions:37
As others have stated, the seller pays the commission. If you have any questions about fees and who is being charged them, contact the escrow officer and ask for a copy of the estimated HUD1. This is a form required on every transaction that itemizes every penny that changes hands on a real estate transaction. Prior to the close of escrow it is called the estimated HUD 1 or settlement statement. Once the lender has agreed to fund the loan and everyone is ready to close, the escrow officer will provide an final HUD 1 with all fees and prorations included. Make sure you review both documents before you close escrow.
Rich Bosselmann
www.RichBosselmann.com
Rich Bosselmann
www.RichBosselmann.com
- Jeff Konstant, "jkonstant"
- Contributions:1970
In most cases the buyers brings money and their lender sends money to the settlement agent. The settlement agent then places the appropriate amounts in different places on the HUD-1 (settlement statement). Where it is placed is less relevant than knowing the buyer usually is the only one actually bringing funds to closing. A simple way to find out who exactly is paying for what is to ask the settlement agent one question. Who, other than you and your lender is actually bringing money to closing?
- nealadler
- Contributions:199
The seller usually pays the commission. Unless there's not enough equity the seller would bring in the cash to close for the seller's costs.
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
The realtor's commission is paid by the seller - that is not a charge to the borrower - the seller pays that commission from the proceeds of the sale...Hope this helps!
Are realtor commsion part of the closing costs? Or is it added to cash to close?
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