Do Real Estate Agents Split Commission: https://www.hauseit.com/do-real-estate-agents-split-commission-nyc/ <br /> <br />Calculate Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/ <br /> <br />Are listing brokers legally required to co-broke with buyers’ agents? Do real estate agents split commission with each other in New York State and NYC? <br /> <br />Contrary to popular belief, listing brokers are not legally required to share commission with buyers’ brokers unless they have an existing agreement in place, such as a MLS co-brokerage agreement. However, it is the opinion of New York’s Department of State that listing brokers must oblige a buyer’s desire to have their own representation. <br /> <br />In other words, listing brokers are required to let buyers have a dedicated buyer’s agent if they wish, but they are not required to split commission with the buyer’s Realtor unless the two brokerages have an existing commission agreement in place. <br /> <br />So do real estate agents split commission in practice? Yes, because Realtors are members of a local MLS that enforces the splitting of commissions through a mutually binding co-brokerage agreement that each brokerage must sign before joining the MLS. <br /> <br />According to an opinion letter from New York State’s Deputy Secretary of State Renato Donato, Jr.: <br /> <br /> <br />In prior opinions, the Department of State has stated that a listing’s broker must always honor the buyer’s right to be represented by his or her own broker, and that the listing broker cannot refuse to work with a buyer’s broker. The listing broker is not, however, obligated to share the sales commission with the buyer’s broker unless, prior to the sale, the two brokers have agreed to do so. <br /> <br />Do Real Estate Agents Split Commission with Brokers Who Are Not Part of the MLS? <br /> <br />Just because you have a broker’s license does not mean that listing brokers must share their commission with you. You must also be a member of the local MLS, or REBNY if you’re looking to purchase in New York City. <br /> <br />This fact is often misunderstood by lawyers who also happen to have a broker’s license on the side. Just because you are licensed does not entitle you to an automatic co-broke! <br /> <br />That’s why it’s important to work with a trusted buyer’s broker who is a member of the relevant local MLS in order for you to receive a buyer closing credit. <br /> <br />$20,000 or more on your purchase through a buyer closing credit at www.hauseit.com <br /> <br />Save up to 6% in Broker Commission: https://www.hauseit.com/fsbo-nyc/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
