When we sell our home, do we pay the buyer's Realtor also?

Question

We live in Ohio. When our home sells, do we pay for the buyers Realtor?

Answer 1

The commission you negotiated with your listing agent will be split with the buyers agent.
It is up to your agents office to pay the buyers agent office, its not your responsibility
RE Agent,
Remax

Answer 2

Usually, your contract with your realtor specifies that you pay only your realtor 5 or 6% of the selling price.

Your realtor then splits this commission with the buyer's realtor. So, in the indirect way, you are paying the commission for both realtors, but it would not exceed the percentage you agreed to pay your realtor - which is probably the 5 or 6% of the selling price. Basically, your realtor gets his cut at settlement and the buyer's realtor gets his cut at settlement from the 5 or 6% you pay to your realtor. The settlement company or closing attorney is responsible for dividing the realtors' commissions. It will appear on the HUD 1 Settlement Sheet, which you could ask to see and may even be required to sign anyway. Double check the figure to make sure that only 5 or 6% of the selling price is being taken by the realtors in total.

Answer 3

In a way yes. If the buyer does not have a realtor and goes threw yours you pay the 6% to your realtor. If the buyer has a realtor that commission gets split between both realtors.

Answer 4

That is for the two agents to discuss. It will be a co-broke, and the comission that you pay your agent (the seller's agent) they will then split with the buyer's agent. Don't get suckered.

And congrats on selling your home. Ohio is a tough RE market these days.

Answer 5

No, you are only committed to pay your listing agent. He/She is the one that makes an offer to the agent who brings the buyer for a portion of the commission they receive from you.
Buena Suerte

Answer 6

Not unless it's part of the agreement in an effort to sell the house by offering to lessen the debt on the closing cost.