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Can the Buyer's RE Agent contribute to closing costs without breaking the law?

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The Buyer's RE Agent will receive 3% in commisions from the seller (a bank in this case). Is it legal for the RE agent to keep only 2% and contribute the rest (1%) towards the closing costs?

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March 04 - Hollywood

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Richard Ho, "Richard Ho"
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Richard Ho, "Richard Ho"

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Yes, at least the unknown commission arrangement should be disclosed to all parties involved. There is a breach of agency relation as far as I can tell.

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March 27

qbantek
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qbantek

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I was 'imposed' a RE agent by the listing agent.
I contacted the listing agent DIRECTLY and I never used the services of a real estate agent as a buyer. Now when looking at the PRE-HUD and sales contract I 'discovered' that they setup an agent for me (from a different realty) and this unknown agent is pocketing $5100.00 dollars.

I think the least they could do is split the wealth and contribute towards my closing costs. am i wrong? ... I could also make a big deal of it and take them to court but I have no interest or time to do this.

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March 04

Richard Ho, "Richard Ho"
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Richard Ho, "Richard Ho"

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Sure. It is perfectly legal as long as being disclosed at the front to all parties.However, unfortunately I have learnt many buyers use this as the sole criteria to seek for professional help ( or those advertise this incentive to buyers ) and miss out the other important qualification and skills of the professional and end up in mismatch and mishaps.
There are so many areas a professional has to cover and protect in a successful transaction that his buyer should respect the commission he earns. Just like you will not ask a surgeon for rebate before he performs your surgery. BTW, in this case it would totally be illegal and unethical........

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March 04

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Can the Buyer's RE Agent contribute to closing costs without breaking the law?

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Question Why would an agent request a processing fee from the buyer?

Question Is the realtor lying to me?

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