How Do I Know If The Fees I Was Charged Are Correct? | REALTOR ...

Q: I just sold a condo ? aside from the commission I was charged an ?additional commission? of $395 plus $250 for an ?MLS fee?. I also noticed that the buyer?s agent was also charged a $250 ?MLS Fee? off their commission. Is this right?
?Anonymous, Chicago, IL

A: I am licensed in California, not Illinois, so I am unfamiliar with the rules and laws in your state. But I?m happy to share my experience and knowledge.

I can tell you that I have NEVER heard of charging for separate fees outside of the agent?s commission. It?s just not the way a high-end agent does business. I don?t do it and none of my colleagues do it. However, I know there are some ?discount? real estate firms that charge low commissions or flat fees to entice sellers. In those cases, perhaps the agent charges for each item separately so the seller can determine which expenses they will incur.

Did your listing agent charge a standard 6% commission? Or did you agree to a reduced fee structure? I recommend re-reading your listing agreement, especially the fine print.

If you feel you were mislead or defrauded, you may file a complaint with the Illinois Department of Real Estate. You may also file a complaint with the Illinois Association of Realtors if your agent was a Realtor.

You may want to simply call the agent?s ?broker of record?, who is essentially your agent?s boss. Calling the broker and concisely expressing the problem and the resolution you seek, may be the quickest and simplest solution. Try calling the agent?s office and saying, ?I would like to speak to the broker of record.? You will get the firm?s attention!

I hope this is helpful.

Denise ? California Realtor/Broker
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.

A: The way that the listing broker is compensated, including additional fees to be paid, should be agreed upon in your listing contract. If you did not agree to the additional commission and MLS fee prior to closing, you may be entitled to a refund of those charges. Compensation to the buyer?s agent is an agreement between the brokers, and should not affect your bottom line.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.

A: Check your listing agreement and, if necessary, contact your lawyer. You didn?t mention where the sold property is located. I can tell you that in the northeast such fees are not customary. If the fees are legit, they should have been addressed in the listing agreement that you signed.
Mark Bergman is a Realtor? with Bergman Real Estate in North Creek, NY.

A: What is the name of the company that your house was listed with?

Were the additional fees itemized in your listing agreement?
Paul Howard is a Realtor? in Cherry Hill, NJ.

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