As a Real Estate Agent in Georgia can I get part of the commissions in the purchase of my own home?
Answer:
As a licensed Realtor, You are entitled to commissions on the purchase of your home. In this situation, you are your own client in that you are representing yourself. You want to inform the sales agent upfront of this to avoid any possible mistakes later on.
Some brokerage companies also let you buy/sell 1 home per year free of brokerage commission splits. In Northern Virginia, I've seen many brokerage companies that offer this incentive. This would mean you keep the full 3% instead of sharing with your broker.
Take this scenario, you are also able to ask for a 3% reduction in sales price instead of a 3% commission. To further explore the implications of this, you would be responsible for less income tax at the end of the year, your mortgage may be easier to qualify with the reduction in sales price, and you would never have to split commissions with your broker.
**This answer takes into account a 6% total commission rate structure. Not all commissions are charged or earned at 6%, actual rates may be higher/lower.**
Yes but make sure your E & O will cover you in that situation. Some will not cover you in a transaction involving your personal property.
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