Question on Realtor Fees and Broker Fees on HUD

[Greg P.]

Hello all. I bought a property recently and there was a brokers fee that my realtor who was representing me on the buy side said that his broker requires it. Is this standard? I thought realtor/brokers fees are taken out from the seller side only? Lastly, what is the total commission typically that a seller pays. Is 6% standard?

Thank you, Happy Thanksgiving.

[Joel Owens]

Did you sign a buyer broker agreement?? The fee might be spelled out in there.

The sellers side usually covers the commission but it's not always the case.

You could have a buyer broker agreement stating the broker gets 3 percent and if the listing side only pays 2 co-op to the buyer broker you are liable for the other 1 percent.

There is no standard commission.I can tell you though on average I see 6 to 7% and on some commercial and land listings up to 10 percent.