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[Part II Seller's Edition What are the Residential Sales Property Regulations Revisions Effective in August ？ ] 🏠 🧐

As one of the changes to the rules under the National Association of Realtors, the buyer's agent commission, which has generally been borne primarily by the seller based on custom and tradition, has become a matter of negotiation between the seller and the buyer since August 17. The following is an explanation of the options available to the seller and the background for negotiations:


🏠 🔑 Options regarding the buyer's agent commission:
- 50-50 < ・ Both parties pay a percentage of the commission, full amount, negotiate according to the terms of the offer, no commission, or offer a credit to the buyer to cover closing costs as a separate line item
*Options include percentage of the sale price, fixed amount, etc.

🔎 <1067> Negotiation context:
- If there is no buyer's agent commission in the sale plan, it is expected that the buyer will include in the offer terms a request for a credit that the buyer can use to cover its closing costs.
- If no commission is set, the buyer may add it to the negotiated terms in the offer, which may ultimately make the seller's cost more expensive
- If no commission is set, the seller may have to deal with more unrepresented buyers
- In the case of unrepresented buyers, the transaction may be more expensive than the final closing costs. (example from another state: 75% for buyers with agents vs. 12% for buyers without agents)
-If no setting, may result in fewer offers and other general reduced chances
-Notwithstanding the above, if no setting is made and it is based on the terms of the offer, the probability that the deal will ultimately be delivered will increase.


Regardless of the above, various issues including the above should be considered on a case-by-case basis. Whether you are the seller or the buyer, it would be helpful to have an overall picture of the options available to both parties based on the revision. \Please feel free to contact us for more information. We will be happy to read and explain in an easy-to-understand manner 😀


Remarks:
*Makado Hot List:
-10/14Posting repost (Buyer's version - revised rules for viewing properties for sale that went into effect 8/17)
-10/7 repost now being posted (Ala Moana New Condo Plan Muse Update)
*Disclaimer - Please follow local MLS rules for real estate transactions in other states/territories (The above is in accordance with our rules as an Oahu MLS member))