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Listing agent stated in the listing that buyer's agent commission is 2.5% but when I sent in the contract, I put 3% as I was not aware that the seller agent reduced commission. Contract was executed but a couple days later, seller agent called and asked me if I am aware that she listed commission as 2.5%. Do I get pay 2.5% or 3%. This is in Houston, TX. Thanks.
The offer of compensation as stated in the MLS was 2.5%, right? If so, that's what you get. Plus, it's a violation of the Code of Ethics to use an offer as leverage, so to speak, to change the compensation. I know SOP 16 something deals with the subject because I looked it up recently.
That doesn't prevent the brokers from negotiating another deal ahead of time, though, as long as everyone knows about it and agrees.
Listing agent stated in the listing that buyer's agent commission is 2.5% but when I sent in the contract, I put 3% as I was not aware that the seller agent reduced commission. Contract was executed but a couple days later, seller agent called and asked me if I am aware that she listed commission as 2.5%. Do I get pay 2.5% or 3%. This is in Houston, TX. Thanks.
Quote:
Originally Posted by kutolam
Got it now. Go with what MLS stated. I am newbie hence the question. Thank you all.
Error. The listing agent did not "reduce commission." You asked for 20% increased commission.
Regarding whether you have a legitimate binding contract for compensation, your question is best put before your broker to clarify whether the contract or the MLS offer of cooperative compensation is primary.
You aware in our TX contracts that the last page is just for information only for the agents and Title Company? You putting the 3% on that page is not a negotiation, agreement or a part of the contract. The commission being paid is what is offered in the MLS. You could have left that section blank and still been paid whatever is offered.
You aware in our TX contracts that the last page is just for information only for the agents and Title Company? You putting the 3% on that page is not a negotiation, agreement or a part of the contract. The commission being paid is what is offered in the MLS. You could have left that section blank and still been paid whatever is offered.
You need better training on contracts.
Yup.
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