What Is A Real Estate Transaction Fee?
Real Estate transaction fees or also called an “administrative fees” or “broker service fees” are costs associated with closing a real estate transaction. The transaction fee covers costs such as administrative support, management support, document storage, and other items.
Who Pays For The Transaction Fee?
Some real estate brokerages charge a transaction fee to their real estate agents. Most of these real estate agents will pass on the transaction fee to their customers, home buyers or sellers.
Do All Real Estate Agents Charge A Transaction Fee?
These fees are being implemented in more real estate brokerages in Albuquerque NM. However, not all real estate brokerages charge this fee. Myers & Myers Real Estate does not charge a real estate transaction fee to it’s customers. If you have been talking to real estate agents that charge a fee, call us and we will help you buy or sell a home in the Albuquerque metro area without a fee.
How Much Is The Transaction Fee?
This is a great question. If you are thinking of buying or selling a home, you should interview multiple real estate agents. Do some research on the real estate agents your are interviewing. I addition, you should make sure to ask if they charge a transaction fee before agreeing to work with that real estate agent. Ask them how much is the fee and who is responsible to pay the fee. Recently, I have seen transaction fees range from a few hundred dollars up to $1,000. Complete your due diligence and shop around before deciding who you want to work with and how much it is going to cost you.
Who Pays The Real Estate Commissions?
If you are selling your home, you will pay real estate commissions to your real estate agent and the buyers real estate agent. Make sure to ask your listing agent to disclose their commission and all other fees they will charge you. If you are selling your house, check out our article on how much will it cost to sell my house?
Are Real Estate Transaction Fees Required By Law?
Transaction fees are not required by law. The decision to charge customers a transaction fee is up to the real estate brokerage and the real estate agent you are working with.
Does Myers & Myers Real Estate Charge A Transaction Fee?
We do not charge a transaction fee to our customers whether you are buying or selling a home. If you are buying a home, there is no charge to you for our professional real estate services. The seller agrees to pay buyer’s agent a commission to bring buyer for their home.
If you are selling your home, please contact us to discuss our real estate commission and how we can help you sell your house.