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[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 a percentage of the sale price or a fixed amount

🔎 <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
- If the buyer is not represented by an agent, the transaction may be more expensive than the final closing costs - If the seller is not represented by an agent, the seller may have to deal with more unrepresented buyers (example from another state: 75% for buyers with agent vs. 12% for buyers without agent)
- If not set, may result in fewer offers and other general reduction in opportunities
- Notwithstanding the above, if not set, the chances of a transaction being delivered are dependent on the terms of the offer.


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


Notes:
*Postings on the Machikado Hot List (accessible from the Town Guide and my page):
- Questions to ask when viewing properties for sale - Azure Alamo Ala Moana
-Buyer's Edition - Revised rules for viewing properties for sale effective 8/17 (repost)
-Ala Moana New Condo Muse Update (repost)
*Disclaimer - Real Estate transactions in other states/territories are governed by their own jurisdictions. Please follow the MLS rules and regulations (The above is in accordance with the rules and regulations as an Oahu MLS member.)