Real Estate Commissions

kfrancis

New member
Jan 8, 2002
266
0
0
rockharddesigns.com
Have an interest in how real estate commissions are handled here in the RD.

Seeing that there is definite representation of real estate types; buyers, sellers, investors and such on this forum I would hope you all can give me a clearer idea of what to expect.

Of primary interest is property that is not directly handled by an agent but is brought to my attention by a third party.

your thoughts are appreciated in advance.

Kfrancis
 

NotLurking

Bronze
Jul 21, 2003
2,447
1,235
113
Sto Dgo Este
Brought to your attention for what? For you to buy or for you to find a buyer for the property? In the DR it is customary for the seller to be legally responsible for the commission. Usually the owner of the property contracts a real estate firm to handle all aspects of the sale of their home. The agreement usually includes the asking price and the commission percentage the firm will collect from the sale prices. The commission percentage is 5-10% of sale price. It really depends on the firm used and your negotiating skills. I've heard Century 21 charges 10% but most other firms charge 5%, or close to it, of sale price. This is how property sales and commission percentage are usually handled however this is not set in stone and a wise buyer or seller can take advantage of the situation. You'd be surprise at the thing seller, buyers and brokers will agree to. Everything here in the DR can and should be negotiated! That includes sale price, commission percentage or whatever else that deals with money.

In the case the property is a (For Sale By Owner) FSBO, and after the final price of the property has been agreed upon, you as the buyer, can request that the seller reduce the price of the property by 2.5% of the sale price. That would be equivalent of splitting the proceeds of 5% commission between the seller and you the buyer. Of course, this is assuming no broker agent is involved. If you have a buyer for a property that is being handled buy a broker you should call the broker and ask if they would split the commission with you in the event your 'client' purchases their property. The way it works is that if two agents are involved the commission is split 50-50 but some brokers are a bit greedy and don't want to share their commission therefore, it is best to ask in advance..

NotLurking
 

kfrancis

New member
Jan 8, 2002
266
0
0
rockharddesigns.com
All of the property that I am interested in does not have an agent involved. However, there has been a third party who has contacted property owners to check out title and ownership on tracts of interest to me. So I guess my question is whether this person has any RIGHTS by law to any commission.