Expert: Karyn Foley - 12/11/2006

Question
We had been going through a realtor to purchase our condo, but we ended up settling on a new condo and bought directly through the builder.  Do we still owe or Realtor a commission?  Or should we give him some kind of gift?  

Thank you

Answer
Dear Jade:  Congratulations on your new purchase,and my applause to you for being so caring about your agent.  If your agent registered you with the builder, then check with the builder because the agent would probably then be given a referral fee.  Then, did you sign anything with your agent stating that your agent would receive a fee for anything you purchased, whether or not the agent played a part?  I assume the above answers are no, so then, if so, you would not legally owe your agent anything.  However, if your agent was good, and you felt that the agent worked hard in your behalf trying to find you the correct property, then a token gift of appreciation would be very thoughtful, especially during this holiday season.  Also, please keep that agent in mind for referrals in the event you have a friend, relative or colleague who wishes to either sell or buy in the future.  Lots of happiness and good health in your new home.  Karyn Foley