While there are some exceptions, most buyers pay for the services of a real estate agent, whether they use it or not. At a minimum, hire a real estate attorney from the start to review the purchase agreement and closing documents. If you've decided to buy a home without a real estate agent, it's best to hire a real estate lawyer to guide you through the more complex parts of the transaction. When a traditional listing broker negotiates full-service real estate commissions, they negotiate with the seller.
In addition, you may need to prorate or credit real estate taxes, service contracts, and homeowners insurance. Then, each 3% allocation is divided between the real estate agency and the licensed real estate agent. A good realtor can serve as a guide, pointing you in the right direction, alerting you when there are bumps in the road ahead, and, if something comes up that is beyond the realm of the agent's knowledge, help you find specialized guidance to resolve that problem. While today's buyers often prefer to search for a home on their own, traditional realtors can still spend 80% of their time attracting potential customers who may never make a deal and promote themselves to find new customers.
However, commission reimbursement is the most important topic that traditional realtors don't tell you. Many real estate agents will tell homebuyers that their service is free and that, as a buyer, there is no cost. Prevu is a licensed real estate broker in New York, Pennsylvania, Connecticut and a member of the New York Real Estate Board (REBNY). In most cases, sellers have a real estate agent working for them, a listing, or a seller's agent, so you'll want someone on your side, a buyer's agent, who will also support you in negotiations and can help you understand how to make an offer on a home.
You may be hesitant to work with one because you don't want to be charged real estate agent fees, but buyers usually don't pay a real estate agent's commission. Like traditional agents, these agents are fully licensed and have met all the requirements of the New York real estate commission board. In fact, not working with a buyer's agent in “an intra-family transaction” is quite common, according to Pamela Linskey, attorney and founder of Linskey Law LLC, specializing in real estate, estate planning and probate in Massachusetts. In New York, home sellers pay real estate commissions from the final proceeds of the sale for both agents involved in a deal.
Brokerage services provided by Hauseit LLC and Hauseit Group LLC, real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175.
