Not sure why this does not come out of the commission split.

Kim why don't you contact the real estate commission there and ask them I am sure this info would be on the website..

It must be communicated to both buyers and sellers that commissions are not pre-determined by law and are fully negotiable.

The two years consisted of negotiations with the land-owners, site tests, city planner meetings, city commission meetings, etc.

For instance, in your example (btw, we have had multiple occasions where this happens in the past few years) if you paid $200,000 for the house, put $40,000 into reno, and then closing costs, commissions, etc. were $15,000 you would simply add all this up and that is your basis in the property.

In dealing the new Real Estate Commission Law now in play.....Is anyone else getting Engagement Contracts sent to them stipulating exclusivity and buyer-responsible commission terms?...

Fees/commission splits are not everything.

("A real estate broker, for the purposes of this article, is defined to be a person, firm or corporation who, for a fee, commission or other valuable consideration, or by reason of a promise or reasonable expectation thereof, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of real estate or an interest therein, or collects or offers or attempts to collect rent for the use of real estate or solicits for prospective purchasers or assists or directs in the procuring of prospects or the negotiation or closing of any transaction which does or is contemplated to result in the sale, exchange, leasing, renting or auctions of any real estate . . ."

My recommendation is if you don’t have the means to get your first deal, find a commission based sales job where your income is tied to your production.

As a licensed realtor myself, I was able to waive my commission and negotiate the sale personally.