So, the deal is that I’m closing on this house on Monday, and I finally got my hands on the final Closing Disclosure after a long day at work. Everything seems to be in order, except for one tiny detail—my realtor’s commission. It’s set at 3%, with the seller covering 2.5% as agreed upon in the home purchase contract. This leaves me responsible for only 0.5% of the sale price, which amounts to $1,775 for a home priced at $355,000. But hold up, the Closing Disclosure shows the commission as $2,175, not $1,775 as I expected. Naturally, I reached out to my realtor for an explanation.
He mentions something about an administrative fee that accounts for the extra $400, but here’s the kicker—my buyer’s agent agreement clearly states a 3% commission without any mention of additional charges. Can you believe that? So, I’m contemplating whether I should push to have that extra $400 removed from the commission. What do you guys think?
*UPDATE* Hey, just dropping a quick note to share how things panned out. After seeking advice from you awesome folks, I decided to have a chat with my realtor. We revisited our contract and, what do you know, he admitted he forgot to include those pesky admin fees in the Buyer’s Agent Agreement. Well, well, well. Long story short, those fees are supposed to be nixed. As a result, my cash-to-close amount has now been adjusted to a sweet $497.06. Win-win situation, right? Thanks for all the guidance, folks!