agent gets commission when buying house for himself?
I am trying to buy a house, but I am also a new real estate agent. Do I get the comission when I buy my own house. I dont remember this from training. Thank you.
When in a real estate transaction, since you are a licensed real estate agent, you are required by law to reveal in any contract with the seller or buyer that you are a licensed real estate agent.
Some take this a little further and state "I am purchasing this property as my personal residence or I am purchasing this property as an investment property." This is not required, however, in this society of law suits it might help.
Any property that you sell either as the selling agent or a property that is sold as you being the listing agent, you are legally eligible for a commission on these type sales.
Your commission is based on the agreement you have with you real estate broker.
I hope this has been of some use to you, good luck.
"FIGHT ON"
March 3rd, 2010 at 6:21 pm
You do, split with your broker, just like any other sale.
You do have to state you are an agent on your offers. You must disclose this to the sellers.
References :
March 3rd, 2010 at 6:53 pm
When in a real estate transaction, since you are a licensed real estate agent, you are required by law to reveal in any contract with the seller or buyer that you are a licensed real estate agent.
Some take this a little further and state "I am purchasing this property as my personal residence or I am purchasing this property as an investment property." This is not required, however, in this society of law suits it might help.
Any property that you sell either as the selling agent or a property that is sold as you being the listing agent, you are legally eligible for a commission on these type sales.
Your commission is based on the agreement you have with you real estate broker.
I hope this has been of some use to you, good luck.
"FIGHT ON"
References :
March 3rd, 2010 at 7:23 pm
It depends on the situation. Most foreclosed properties will state in the MLS under Realtor remarks that "Any agent procurring property for him/herself will not receive a commission." The same is true on a lot of short-sales. However, if you are just buying a "regular" listing you should receive your commission.
References :