What Buyers Should Know
If you are considering buying a home, please take a moment to learn about some recent real estate industry changes.
COMMISSIONS
TO BUYER'S AGENTS
BUYERS OR PROSPECTIVE BUYERS—PLEASE READ:
Homease Real Estate Co. is committed to representing all buyers fairly while adhering to new requirements set forth by recent court precedent. It is now required that before touring a home, agents and buyers enter into a representation agreement. This agreement allows a Homease Realtor® to assist you with scheduling, showing, negotiating, and closing on a real estate transaction. Traditionally, real estate commissions for a buyer’s agent have been paid for by the seller from their net profits at the time of closing. As of August 2024, the buyer now has the responsibility of ensuring a buyer’s agent is paid his/her commission. But the buyer can negotiate with the seller to expressly agree to the traditional arrangement—or on some other mutually agreeable arrangement.
A buyer's agent can be compensated in three distinct ways, which vary depending on the compensation structure offered by the seller. If compensation is an issue for our buyers, our team will work diligently to find a workable solution.
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OPTION #1: THE SELLER IS OFFERING FULL COMPENSATION FOR A BUYER’S AGENT
The traditional and most common compensation structure is where the seller offers to pay the full commission for the buyer's agent. This arrangement means that the buyer’s agent will be paid out of the seller’s net profits at the time of closing, such that the buyer does not need to pay any out-of-pocket or additional fees for the buyer's agent's services.
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OPTION #2: THE SELLER IS OFFERING SOME COMPENSATION FOR A BUYER’S AGENT
In this scenario, the seller is offering a smaller compensation than what is listed in the buyer representation agreement. For example, if your agreement specifies a 3% commission to the buyer's agent but the seller is only offering 2%, the buyer will need to pay the remaining 1% out of the buyer’s own pocket (alternatively, we can attempt to negotiate with the seller to cover the remaining balance).
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OPTION #3: THE SELLER IS OFFERING NO COMPENSATION FOR A BUYER’S AGENT
In this scenario, the seller is offering no compensation for the buyer's agent. This means the buyer would be responsible for paying the full compensation to the buyer’s agent, as specified in the buyer representation agreement. Alternatively, we can attempt to negotiate with the seller to cover some or all of the commission. For example, we might offer a higher purchase price offer to encourage the seller to cover the buyer's agent's compensation.
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OPTION #4: LENDER OPTIONS & OFFER TERMS
We are committed to helping our buyers and we will help you know your options for each home we assist you with. In some situations lenders may have creative solutions for buyers—such as rolling commission fees into the mortgage and working with seller credits. These options are based upon financing terms, sellers’ acceptance, and will need approval from the lender.
At Homease Real Estate Co, we believe all clients should have the opportunity to move forward with the Realtor® and industry professionals they choose. Upon showing homes, buyers will be presented with a buyer representation agreement. This form allows the client to understand the role the agent plays in their transaction while defining how the buyers’ agent will be compensated at the time of closing. Homease Real Estate agents will work with buyers (and parties) to find a workable solution while ensuring a smooth and transparent transaction.
LET'S WORK TOGETHER.
With your
everything is possible.
At Homease Real Estate Co. we are a full-service boutique real estate brokerage specializing in Central Ohio neighborhoods. Our comprehensive in-house team brings unparalleled management, marketing, staging, design, legal and event-planning experience to our real estate clients. We hope you will take a moment to meet our agents, review what we offer, and reach out to see how we can best help you in your real estate journey.
