Q: What is the proper verbiage to present in a vacant land contract for both buyer and seller to split commission? The seller is a FSBO and my buyer. ?Anonymous, Orlando, FL
A: Hello.
The commission should never be part of any sales contract. Let me clarify. Any commissions should be discussed between the owner and any agents involved. The buyer should only be involved if the are paying all or part of the commission. Your question was truncated, so I couldn?t tell from the question if this is the case. Regardless, the commission should be part of a separate agreement dealing with agency and compensation. We have a form here in Virginia that authorizes the agent to show FSBO properties and it indicates what commission will be paid and by whom if the buyer ends up buying that property. Sounds like that is something you might need. You should talk to an attorney for proper contract verbiage. Cathy Baumbusch is a Realtor? with Re/Max Allegiance in Alexandria, VA.
A: This seems like an inappropriate question to ask a public forum. Consult your broker or an attorney. Sam DeBord is a Realtor? with Coldwell Banker Danforth in Seattle, WA.
A: A land contract is no place for commission discussion. You need to get a separate commission contract with buyer and seller separately outlining your pay.
Carrie Abfall is a Realtor? with RE/MAX Real Estate Professionals in Columbus, IN.
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Source: http://rock-n-rollrealestateagent.com/how-do-i-word-commission-structure-on-a-land-contract/
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