Who Pays the Real Estate Commissions and Closing Costs?
A recent settlement by the National Association of Realtors (NAR) that went into effect on Aug. 17, 2024, has led to changes related to broker commissions. This settlement includes changes to how real estate commissions are disclosed and negotiated, aiming to increase transparency and fairness for homebuyers and sellers. Let’s look at this realtor.com article to explain who pays what in a real estate transaction.
In the past, sellers usually paid the buyer and seller’s agent fees. As of Aug. 17, 2024, buyers are responsible for compensating their agent. However, a seller has the choice of offering compensation to the buyer’s brokers.
Read the full article for more detailed information.