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Real estate agent fees are how most agents are paid for the homes they sell. This commission can vary from state to state and among brokerages. But in real estate, who is responsible for paying commission—the buyer or the seller?
Who pays the commission of the real estate agent?
If you’re buying a home, you’re probably off the hook for paying the commission of the real estate agents. The home seller usually picks up this payment. Typically, the fee is paid by the seller at the settlement table, where the fee is subtracted from the proceeds of the home sale.
How much is the commission for a Realtor®?
The real estate agent commission is a percentage of the sale price. So the specific amount depends on how much your home sells for, but it's commonly 6% of the sale price. For example, if the home sells for $500,000, the real estate agent commission of 6% would be $30,000.
The commission is split between the buyer’s agent and the seller’s agent. It’s a separate contract between the brokers and not something the buyer gets to negotiate as part of the offer (hold your negotiating for the closing costs).