I'm a NY attorney, and NY allows attorneys to automatically become a licensed real estate broker ($150 fee) after passing the NY bar. My wife and I are considering purchasing a house, and we are trying to figure out why we should let a buyer's agent take the fee on the purchase if I have a license.
2007-03-11 16:41:58 · 6 answers · asked by T D 2 in Business & Finance ➔ Renting & Real Estate
For clarification, just because I am a 'real' attorney, it does not indicate that I have all encompassing knowledge on every area of law. I don't practice real estate at all, ever. So a-mazing and low_on_ram (low_on_brains would be more appropriate) can go f&$% yourselves.
2007-03-12 02:29:29 · update #1
Yes, you can, but if you use a buyer's agent, then you'll have to work that out with him/her first.
2007-03-11 16:50:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
With a brokers licence, i assume you will be acting as your own "buyers agent" commissions are split between the sellers agent and the buyers agent. This is the reason why alot of people descide to get their License, so they can purchase a home with out paying an buyers agent commission. But if you are using a buyers agent, or a real estate agency to help locate a home and help you threw the process of buying a home then yes a 5% or 6% commission wil be split between the buyers agent and the sellers agent. so on a 100,000 dollar home 5,000 or 6000 will be split...talk to your real estate agent and ask him to split his part of the commission with you because you are a licensed broker and see if you could maybe get his 50% split with you. It is up to your agent. If you have a savy agent that wants to sell the house I am sure you could probally work something out. Good Luck
2007-03-11 17:09:03 · answer #2 · answered by mitchel d 1 · 0⤊ 0⤋
If you have a brokers license, and you are registered with the state as an independent broker you don't need a buyers agent. So you get half the commission.
However in my state you need to be licensed for 3 years before you can be independent.
However, most firms will let you waive the firms share of the commission for a purchase for yourself, minus administrative fees.
2007-03-11 16:56:18 · answer #3 · answered by Not Tellin 4 · 1⤊ 0⤋
I'm gonna go out on a limb here ..... but if you have a brokers license, you should know this answer. God bless a country that allows folks with no knowledge or reason to hang out their shingle for a fee. Perhaps for another fee you can also practice as a car mechanic or dentist. It's a wonder why there are so many lawyer jokes.
2007-03-11 16:54:50 · answer #4 · answered by low_on_ram 6 · 1⤊ 0⤋
Hey, that's a great deal. Yes, they will have to split the commission as you will be the buying broker and agent. You'll get two parts of the traditional four way split. Good Luck
2007-03-11 16:48:39 · answer #5 · answered by moonrose777 4 · 0⤊ 1⤋
I can't fathom a 'real' attorney asking such a question? of Y!A participants?
2007-03-11 16:46:02 · answer #6 · answered by Anonymous · 2⤊ 0⤋