Realtors Don’t Want to Disclose Total Compensation to Buyers

The Charlotte Observer has more details.  But, basically, it’s this: a 2008 rule requires “written disclosure of compensation they [buyer’s agents] might receive from sellers when a home is sold.”  This includes any compensation they might receive from their agency, say as part of the compensation the seller’s agent might get for selling a home listed by the same agency, as well as any other “perks” that are offered to the buyer’s agent when a home is sold, this can include vacations, extra cash, whatever.

When we bought our home, we thought it was nice our agent pointed it out to us anytime there was something extra in it for her (we didn’t realize it was the law!).  Since 2008, however, agents are required to put in writing any compensation they would receive from the transaction before you make your offer.

Apparently some Realtors are bothered by this.  WHY?  Maybe it’s a pain and there is a lot of paperwork involved but, frankly, real estate transactions are always a pain and involve a lot of paperwork.  It’s only right that buyers have all the information they need to make an appropriate decision and that includes knowing if their agent is set to gain more financially if they purchase one house over another.  End of story.  There shouldn’t need to be a law about this, but apparently there does, so I guess there is.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: