I have worked as a buyer's agent for 17 years and have yet to have a seller refuse to pay my part of the advertised commission split. I believe it is extremely important for a buyer to have his/her best interest represented. In Florida it is "assumed" that real estate agents are all "transaction brokers" which limits their liability and accountablility to buyer OR seller. A buyer's broker is a "single agent" which provides the duties of: Dealing honestly and fairly; Loyalty; Confidentiality; Obedience; Full disclosure; Accounting for all funds; Skill,care,and diligence in the transaction; Presenting all offers and counteroffers in a timely maner, unless a party has previously directed the licensee otherwise in writing; and Disclosing all known facts that materially affect teh value of residential real property and are not readily observable. Yes, I have my customers sign a "Loyalty agreement" describing what I will do for them and what is expected of them. I collect a loyalty fee which I refund to them at closing. I need to be paid when I work, as do most people. Even if for some reason the professional fee was to be paid by the buyer, I believe the buyer's representative could save them more than the fee in the transaction.
Oct 16, 2009