I used a real estate agent to find a new apartment. I am about to sign the lease and pay the broker's fee to her, but she requested that it be in cash only. She said it's office policy because it's easier to split commission that way. I found this a little strange, but I've never used an agent before, so maybe it's normal? She did say she would give me a receipt, but I still wanted to get feedback from other people before just handing her a bunch of cash.
2007-12-13 04:15:59 · 13 answers · asked by J 1 in Business & Finance ➔ Renting & Real Estate
It doesn't sound so standard operating procedure to me. Is someone playing games with the cash, not paying taxes or some such?
2007-12-13 04:24:44 · answer #1 · answered by OldGringo 7 · 1⤊ 0⤋
Typically you should be asked to bring a bank check or certified funds made out to the BROKER ( Coldwell Banker) for the amount agreed upon. I never heard of an agent taking cash and frankly I would be scared. If in doubt kindly ask to speak with the Broker of Record for Coldwell Banker there and if he/she confirms that cash is ok then get it in writing from the Broker themself.
2007-12-13 05:46:25 · answer #2 · answered by rick 2 · 0⤊ 0⤋
No. I am a Coldwell Banker agent, and I can assure you that this is NOT company policy. It is not illegal, but she is almost certainly intending to not report it as income. You are under no obligation to do this, and if she insists, call her broker. The fact that she has claimed this is company policy might constitute fraud, and certainly violates NAR regulations.
2007-12-13 04:28:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
LOL....strange ????? This babe is trying to pocket the entire commission on her own without splitting it with her brokerage firm. It's NOT office policy, and you should make the payment ONLY to the brokerage firm, and NOT to her personally or in cash.
If you desire reassurance on what I have posted, simply call the managing broker of her office and ask for affirmation that what she says is 'office policy'. My guess is that the agent will be OUT of a job.
2007-12-13 04:21:47 · answer #4 · answered by acermill 7 · 4⤊ 0⤋
I would call Coldwell Banker and ask, but it sounds like someone is not going to pay taxes on their commission. Also its not your problem to make it easier to split commissions for her. I would insist on paying with a casher check. It sounds a little strange to me also.
2007-12-13 04:25:50 · answer #5 · answered by Leo F 5 · 0⤊ 0⤋
This is far from normal. The CHECK is made out to her office, not her, as should the receipt.
I would refuse to deal with cash. If she insists upon it ask to take to her broker (the one who is actually legally responsible here).
2007-12-13 04:24:47 · answer #6 · answered by Elsa D 6 · 0⤊ 0⤋
I work for a different franchise, but our policy is to NOT take cash if at all possible.
Call the office she works for and ask what their policy is. I suspect you will get a very different answer than what she is telling you.
2007-12-13 04:29:50 · answer #7 · answered by godged 7 · 0⤊ 0⤋
NO! This is not standard practice. The commission should be paid by check to the company.
2007-12-13 04:20:46 · answer #8 · answered by eptxldy 4 · 0⤊ 0⤋
That sounds fishy to me. If she doesn't want a personal check, pay via cashier's check or money order.
2007-12-13 04:19:33 · answer #9 · answered by Anonymous · 1⤊ 0⤋
pay by cashier or money order only.
legal hassles if u don't.
her receipt is worth the paper it is on.
2007-12-13 04:24:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋