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Buying or Selling a Home/Realtor Commission on the Sale of Realtor's Parents House
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Question
My mom and 3 step-brothers are selling my deceased grandparents home. There is a trust that says all money will be split 4 equal ways.
I have been told that my uncle, who is a realtor, can not take a commission on the sale of the house. However, upon closing today, he wrote in the papers that he will get a $12,000 commission.
Can he do this?
Hi Deanna,
Usually when selling a home that is in a trust, a Realtor is hired to market the home and is responsible for advertising and finding a buyer to purchase the home at the highest possible price. At the closing the beneficiaries would split the proceeds after all expenses have been deducted. Those expenses would ordinarily include commissions, title fees, appraisals, payoff of existing mortgage loans, etc.
Usually the Realtor is hired by the executor of the estate. And even though a Realtor is related to the selling parties, it would not preclude him/her from receiving reasonable compensation in the form of a commission for performing his/her professional services. The exception to this would be if there is something in the trust that specifically prohibits him from receiving a commission.
I hope this information helps? Obviously I can't give any legal advice, but if for any reason you feel that there is something questionable about this transaction perhaps you should consult an attorney. Good luck and I hope you get this matter resolved to your satisfaction very soon.
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Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
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