Digs Realty and the Broker Commission Rebate in New York What is the typical commission structure of residential real estate deals in New York City? In New York City residential real estate deals, the seller typically pays 6% of the purchase price to his or her broker. This is split with the buyer’s broker if the buyer has a broker. On larger transactions, the commission can be 5%. Buyers do not pay...
Featured
Typical Transaction Costs when Purchasing Real Estate in NYC All buyers incur transaction costs on their NYC home purchases. This is an unfortunate reality of the NYC real estate market that you cannot avoid. Co-ops generally have lower purchase closing costs than condos or houses. However, it is still difficult to avoid high closing costs on co-op purchases. Below is a brief description of the various...
Is The Real Estate Broker Commission Rebate Legal in New York? Clients frequently ask: Is the real estate broker commission rebate legal in New York City? Thus, the topic of my first blog post -- is the commission rebate legal? The answer is, in New York, the rebate is most definitely legal. Section 442 of New York's Real Property Law was amended to carve out rebates from the provision which otherwise...